Piyush Goyal Seeks Linked Payment Systems, Greater Local Currency Trade, Simpler Rules For BRICS Nations

(MENAFN- KNN India) New Delhi, Sep 11 (KNN) Union Commerce and Industry Minister Piyush Goyal on Friday urged 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.

Addressing the BRICS Business Forum in New Delhi, Goyal said India's digital payment infrastructure, including the Unified Payments Interface (UPI), could serve as a foundation for greater cross-border cooperation among BRICS economies.

Goyal said,“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,” ANI reported.

Goyal Calls for Easier Market Access

The minister called for greater market access within the grouping, particularly for raw materials and critical minerals, and urged countries to simplify regulations and speed up consignment clearances.

He noted that non-tariff measures were imposing higher export costs than tariffs for 88 per cent of countries, making smoother market access crucial for expanding trade.

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

He emphasised that India sees BRICS as an important market for its manufactured exports, particularly engineering goods, electronics and pharmaceuticals.

Focus on Services, Startups and Women-Led Businesses

The minister also called for greater cooperation in services, including easier movement of professionals and mutual recognition of professional qualifications.

Highlighting the role of startups and women-led businesses, Goyal said 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 have greater access to exhibitions, trade fairs and other business opportunities.

He also proposed collaboration among agri-tech startups and stronger links between startup ecosystems across BRICS member countries.

(KNN Bureau)

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