Goyal Urges BRICS To Link Payment Systems, Trade In Local Currency

(MENAFN- AsiaNet News)

Union Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member and partner countries to link their payment systems, promote trade in local currencies and simplify regulatory procedures to deepen intra-BRICS trade and build more resilient supply chains.

Call for Financial and Digital Integration

Addressing the BRICS Business Forum in New Delhi, Goyal said India's digital payment infrastructure, including the Unified Payments Interface (UPI), could provide a basis for greater cross-border cooperation among BRICS economies.“Today, it is also accepted in 11 countries and I would urge the BRICS member countries and partner countries to link our payment systems, trade in each other's local currencies, make digital trade global and build together for the future emerging technologies,” Goyal said.

Improving Market Access and Supply Chains

The minister also called for easier market access within the grouping, particularly for raw materials and critical minerals, while urging countries to simplify regulations and speed up the clearance of consignments. Goyal said non-tariff measures were imposing higher export costs than tariffs themselves for 88 per cent of countries, making smoother market access important for expanding trade.

“We should open our markets for each other's products including for raw materials and critical minerals,” he said, adding that supply chains would be resilient when they“run both ways”.

Expanding Cooperation in Key Sectors

The minister said India saw BRICS as an important market for its manufactured exports, particularly engineering goods and electronics, as well as pharmaceuticals. He also called for greater cooperation in services, including easier movement of professionals and mutual recognition of professional qualifications.

Goyal highlighted the role of startups and women-led businesses in strengthening economic cooperation, saying more than 45 per cent of India's 250,000 recognised startups have at least one woman partner or director. He urged BRICS countries to ensure women-led enterprises participate in exhibitions, trade fairs and other business opportunities. The minister also proposed collaboration among agri-tech startups and closer links between startup ecosystems across member countries.

BRICS Business Forum and Future Goals

The BRICS Business Forum, the principal platform for private-sector engagement in the grouping, is being held in New Delhi ahead of the BRICS Summit. The forum is bringing together business and government leaders to discuss trade, investment, finance, technology and sustainable economic development.

Goyal said India looked to deepen cooperation with BRICS members and partner countries as it moves towards its goal of becoming a developed nation by 2047, with the discussions expected to result in“constructive and actionable recommendations” to strengthen intra-BRICS trade and economic cooperation. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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