Link Payment Systems, Trade In Local Currencies: Piyush Goyal Pushes BRICS For Deeper Financial And Trade Integration - Swarajya

<p>Commerce and Industry Minister Piyush Goyal today (11 September) <a href="https://www.millenniumpost.in/business/goyal-urges-brics-members-to-link-payment-systems-promote-trade-in-local-currencies-675624" target="_blank" rel="noopener noreferrer nofollow">urged</a> BRICS member and partner countries to link their payment systems, encourage trade in local currencies, and make digital trade more accessible globally. </p><p>Addressing the opening session of the BRICS Business Forum 2026 in New Delhi, Goyal highlighted India's digital public infrastructure achievements as a potential model for the bloc.</p><p>India's Unified Payments Interface has <a href="https://www.business-standard.com/external-affairs-defence-security/news/brics-local-currency-trade-upi-payment-systems-piyush-goyal-126091100456_1.html" target="_blank" rel="noopener noreferrer nofollow">crossed</a> over 250 billion transactions annually, representing more than half of global transaction volume. </p><p>The payment system is now accepted in 11 countries, including the UAE, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece, and the Maldives. </p><p>Goyal <a href="https://www.deccanherald.com/india/brics-summit-2026-piyush-goyal-urges-members-to-link-payment-systems-promote-trade-in-local-currencies-4142775" target="_blank" rel="noopener noreferrer nofollow">called</a> on BRICS nations to link payment systems, trade in local currencies, and build together for emerging technologies.</p><p>The business forum was held alongside the two-day BRICS summit being hosted by India from tomorrow. The Jaipur Consensus, <a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=2296367&reg=48&lang=2" target="_blank" rel="noopener noreferrer nofollow">adopted</a> at the 16th BRICS trade ministers' meeting in August 2026 under India's chairship, focuses on easing trade-finance constraints for micro, small, and medium enterprises. </p><p>Ministers resolved to strengthen global value chains through BRICS Connect, enhanced business-to-business partnerships, an annual BRICS Trade and Investment Expo, digital trade documentation, and greater cooperation across multiple sectors.</p><p>Goyal also <a href="https://freepresskashmir.news/2026/09/11/goyal-urges-brics-nations-to-link-payment-systems-trade-in-local-currencies/" target="_blank" rel="noopener noreferrer nofollow">emphasised</a> the need for BRICS countries to open markets for each other's products, including raw materials and critical minerals. </p><p>He stressed that supply chains would be more resilient if they operate bidirectionally, calling for simplified regulatory procedures and faster clearance of consignments. </p><p>BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia, with Indonesia joining in 2025.</p><p><strong><a href="https://www.google.com/preferences/source?q=swarajyamag" target="_blank" rel="noopener noreferrer">Please click here to add </a></strong><em><strong><a href="https://www.google.com/preferences/source?q=swarajyamag" target="_blank" rel="noopener noreferrer">Swarajya</a></strong></em><strong><a href="https://www.google.com/preferences/source?q=swarajyamag" target="_blank" rel="noopener noreferrer"> as your preferred and trusted news source on Google</a></strong></p>