India makes strong push for intra-BRICS trade in local currencies: Piyush Goyal
Emphasising the importance of deep and resilient trade ties, Goyal called on BRICS countries to open their markets to each other’s products, including raw materials and critical minerals.
India's Commerce and Industry Minister Piyush Goyal today (11 September) pushed for greater trade among BRICS members in local currencies and urged member and partner nations to link their payment systems ahead of tomorrow's summit.
He made the remarks at the BRICS Business Forum in New Delhi, highlighting India's digital public infrastructure initiatives.
He said, "UPI now handles more than 250 billion transactions a year, accounting for over half of global transactions by volume. It is accepted in 11 countries."
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He urged BRICS members and partners to link their payment systems, promote trade in local currencies, expand digital trade and collaborate on emerging technologies.
Indian Commerce Secretary Rajesh Agrawal said, "Trade among BRICS countries rose from $84 billion in 2003 to nearly $1.2 trillion in 2024."
Emphasising the importance of deep and resilient trade ties, Goyal called on BRICS countries to open their markets to each other's products, including raw materials and critical minerals.
He said supply chains among BRICS countries must be diversified and called for faster clearance of consignments so trade does not impede growth and people's well-being.
Goyal said supply chains would be resilient when they operate in both directions.
Noting that non-tariff measures impose higher export costs than tariffs in 88% of countries, he called for easier and smoother market access among BRICS nations.
He also called for greater cooperation in agriculture, pharmaceuticals, engineering, electronics, automobiles, services, startups and emerging technologies, alongside greater market access, diversified supply chains and simpler regulatory procedures.
Goyal said, "India is an important pillar of intra-BRICS trade, with strong capabilities in engineering goods and electronics, which account for the largest share of the country's manufactured exports."
He also noted that India, known as the pharmacy of the world, sees BRICS as an important market for these and other products.
Calling for greater agricultural cooperation, Goyal urged BRICS countries to encourage agri-tech startups to jointly develop solutions for farmers across member states in the interest of food security.
He also called on member countries to open their services markets to each other, facilitate the movement of professionals across borders and make it easier to recognise professional qualifications.
