What’s Next for BRICS? Piyush Goyal Advocates for Enhanced Trade and Digital Cooperation

Piyush Goyal's Vision for BRICS Trade

New Delhi: On Friday, Commerce and Industry Minister Piyush Goyal called on BRICS nations to integrate their payment systems, promote local currency trade, and enhance global digital trade accessibility.

During the opening session of the BRICS Business Forum 2026, he highlighted India's advancements in establishing a digital public infrastructure.

India's Unified Payments Interface (UPI) has surpassed 250 billion transactions annually, accounting for over half of the global transaction volume.

Goyal emphasized, "Currently, UPI is accepted in 11 nations, and I encourage BRICS and partner countries to connect our payment systems, engage in local currency trade, and collaborate on emerging technologies for a digital future."

The business forum coincided with the two-day BRICS summit hosted by India, which is taking place amid rising global economic challenges stemming from the Russia-Ukraine conflict, the US-Iran tensions affecting the Strait of Hormuz, and the tariff policies of the previous US administration.

He stressed the importance of resilient trade among partners, advocating for diversified supply chains to ensure that trade does not hinder growth or the welfare of citizens in member states.

Goyal urged for open markets for each other's goods, including essential raw materials and minerals, stating that resilient supply chains require reciprocal trade.

He pointed out that non-tariff barriers often inflate export costs, surpassing those of tariff measures.

The minister called for simplifying market access for businesses, urging BRICS and partner nations to streamline regulatory processes and expedite consignment clearances.

He also advocated for fostering agri-tech startups to create solutions for farmers across BRICS countries, emphasizing the importance of food security.

Goyal remarked, "We should genuinely open our service markets to one another, facilitating the movement of professionals across borders and recognizing each other's qualifications."

He identified sectors such as agriculture, pharmaceuticals, engineering, electronics, and automotive as having significant potential for enhanced collaboration.

Russian Economic Development Minister Maxim Reshetnikov, speaking at the session, noted that BRICS nations account for a quarter of the global economy and serve as a strong advocate for a sustainable future.

He stated, "We support concrete actions to strengthen resilient supply chains and accelerate green and digital transitions... Russia is eager to welcome foreign businesses. Today, we are an economy of opportunities."

Reshetnikov mentioned that Russia has implemented various measures to boost exports, economic growth, and infrastructure modernization, with exports now constituting 18% of its GDP.

He highlighted a significant shift in currency use for Russian exports, with the share of dollar and euro settlements dropping from 85% to about 11%, thanks to an alternative international financial system that connects thousands of banks globally.

He also mentioned ongoing negotiations for a trade agreement between India and the Eurasian Economic Union (EAEU).

Reshetnikov proposed two initiatives for BRICS members: the establishment of a BRICS grain exchange and the formation of a BRICS Special Economic Zones (SEZs) Association.

He pointed out that while BRICS countries are leading producers and consumers, they still depend on price benchmarks that cater to different markets.

He stressed the urgent need for independent mechanisms for strategic agricultural commodities and shared a detailed plan for the BRICS grain exchange, a unified trading platform for producers, traders, and buyers.

He called for collaboration in developing a BRICS business navigator for investors and participating in SEZ rankings across member countries.

Reshetnikov concluded, "Today, fragmentation divides us, and instability isolates us, but together we can endure. The strength of BRICS lies not in individual achievements but in our collective efforts towards resilient supply chains and shared prosperity."

He reiterated Russia's openness to business collaborations and joint investment projects, inviting partners to grow together.

Commerce Secretary Rajesh Agarwal highlighted the need to address trade finance gaps, noting that the global trade finance deficit is estimated at USD 2.5 trillion.

He emphasized the importance of enabling exporters to access affordable working capital based on confirmed orders and reliable payment histories.

The Jaipur consensus, adopted during the 16th BRICS trade ministers' meeting in August 2026, aims to alleviate trade-finance constraints for micro, small, and medium enterprises.

Agarwal stated, "The BRICS ministers resolved to enhance global value chains through BRICS Connect, foster B2B partnerships, organize an annual BRICS Trade and Investment Expo, and improve digital trade documentation and cooperation across various sectors, including healthcare."

Originally comprising Brazil, Russia, India, China, and South Africa, BRICS expanded in 2024 to include Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia, with Indonesia joining in 2025.

Last year, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam became BRICS partner countries.

BRICS has emerged as a significant coalition, uniting 11 major emerging economies that represent approximately 49.5% of the global population, around 40% of the global GDP, and about 26% of global trade.