Piyush Goyal Urges BRICS to Link Payment Systems, Expand Local-Currency Trade and Deepen Supply-Chain Cooperation

At the BRICS Business Forum 2026, Commerce and Industry Minister Piyush Goyal set out measures intended to make intra-BRICS trade faster, cheaper and more resilient. His proposals concentrate on payment connectivity, greater use of local currencies, trade facilitation, and cooperation in specific economic sectors.

Why payment links and local currencies?

Goyal urged BRICS members and partners to integrate their payment systems and expand settlements in local currencies. He presented India's Unified Payments Interface (UPI) as a practical model: UPI now processes more than ₹2,08,33,333 crores of transactions annually and is accepted in 11 countries. The argument is that stronger payment connectivity will reduce transaction frictions and deepen economic ties among BRICS economies.

Trade resilience and supply-chain diversification

The forum took place amid heightened global trade uncertainty driven by geopolitical tensions, disruptions around the Strait of Hormuz, and tariff measures introduced by the Trump administration. Goyal said BRICS countries need deeper, diversified supply chains and trade flows that are two-way rather than one-directional. He also stressed that trade should support economic growth and public well-being.

Regulatory bottlenecks and non-tariff barriers

Goyal highlighted non-tariff measures as a major source of export cost escalation—sometimes exceeding tariff costs. He urged simplifying regulatory procedures, accelerating clearance of consignments, and improving market access among BRICS members and partners to cut exporter costs and speed trade.

Sectoral cooperation and services mobility

Goyal identified sectors with high cooperation potential: agriculture, pharmaceuticals, engineering, electronics, automobiles and auto components, and services. He proposed:

• Enhanced agri-tech collaboration, including partnerships among startups to develop farmer-facing solutions and contribute to food security.
• Greater integration of services markets, with mutual recognition of professional qualifications to ease movement of professionals across member countries.

The push for linked payments and local-currency trade aligns with broader BRICS discussions about reducing dependence on traditional international payment arrangements. If member countries move toward interoperable payment networks and local-currency settlements, businesses could face lower transaction costs and faster settlements, but implementation will require technical interoperability, regulatory coordination, and agreements on settlement risk management.

Goyal's address combines a technical proposal—payment-system integration modeled on UPI—with policy recommendations on market access, regulatory simplification and sectoral collaboration. The immediate aim is to make intra-BRICS trade more resilient and less exposed to global disruptions, while expanding practical cooperation across several industrial and service sectors.