New Delhi, 11 September (H.S.):

Union Minister for Commerce and Industry Piyush Goyal on Friday urged BRICS member countries to link their payment systems, promote trade in local currencies and make digital trade more accessible across the world.

Speaking at the inaugural session of the ‘BRICS Business Forum 2026’ in New Delhi, the Commerce Minister said India had taken significant initiatives towards building digital public infrastructure. He noted that India’s Unified Payments Interface (UPI) had crossed 250 billion transactions annually, accounting for more than half of the world’s transaction volume by number.

“Today, UPI is accepted in 11 countries, and I would urge the BRICS member and partner countries to link our payment systems, trade in each other’s local currencies, make digital trade global and work together on emerging technologies of the future,” Goyal said.

Goyal said trade among partner countries should become deeper and stronger, while supply chains should be diversified so that disruptions at any point do not impede economic growth or the well-being of people in any member country.

He urged BRICS nations to link their payment systems to reduce dependence on the US dollar and increase bilateral trade in local currencies.

The minister said the seamless exchange of critical minerals and raw materials was essential for building strong and secure supply chains. He also stressed the need to facilitate the mobility of professionals and provide greater opportunities for women entrepreneurs to participate in international trade fairs and exhibitions.

The two-day ‘Business Forum’ is being held on the sidelines of the BRICS Summit, which India is hosting from Saturday. The summit is taking place amid growing global economic uncertainties arising from the Russia-Ukraine conflict, disruptions in the Strait of Hormuz linked to the US-Iran conflict, and tariff policies implemented by the US administration.

BRICS has emerged as an influential grouping comprising 11 major emerging economies. Together, the member countries account for approximately 49.5 per cent of the global population, around 40 per cent of global GDP and nearly 26 per cent of global trade.

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Hindusthan Samachar / Jun Sarkar