Union Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member and partner countries to deepen economic cooperation by opening markets, simplifying regulatory procedures, linking payment systems and promoting trade in local currencies.
Addressing the opening session of the BRICS Business Forum in New Delhi, Goyal said BRICS, which accounts for nearly one-fourth of global trade, has significant potential to strengthen trade and investment partnerships and build more resilient supply chains.
Goyal emphasised the need for greater market access and diversified supply chains, particularly for raw materials and critical minerals, while calling for faster clearance of consignments and simpler regulatory procedures.
“We should open our markets for each other’s products, including raw materials and critical minerals,” Goyal said, adding that supply chains would be resilient when they “run both ways”.
The minister noted that non-tariff measures impose higher export costs than tariffs themselves for 88 per cent of countries and called for smoother market access among BRICS members and partner countries.
Goyal said India has strong capabilities in engineering goods and electronics, which constitute a major segment of the country’s manufactured exports. He also highlighted India’s pharmaceutical sector and said India sees BRICS as an important market for products that the country seeks to take to the world as a trusted partner.
Calling for greater cooperation in agriculture, Goyal urged BRICS countries to encourage agri-tech startups to jointly develop solutions for farmers across member and partner countries, particularly with the objective of strengthening food security.
He also called for deeper cooperation in services, including facilitating the movement of professionals across borders and making it easier to recognise professional qualifications among BRICS countries.
Highlighting the growing role of women in India’s entrepreneurial ecosystem, Goyal said more than 45 per cent of the 250,000 recognised startups in the country have at least one woman partner or director.
He urged the BRICS Women’s Business Alliance to ensure greater participation of women-led enterprises in BRICS exhibitions, trade fairs and other business opportunities.
The minister also highlighted India’s digital public infrastructure and the growing global footprint of the Unified Payments Interface (UPI).
“Today, it is also accepted in 11 countries and I would urge the BRICS member countries and partner countries to link our payment systems, trade in each other’s local currencies, make digital trade global and build together for the future emerging technologies,” Goyal said.
He said India brings capabilities across agriculture, pharmaceuticals, engineering, electronics, automobiles and auto components and services, adding that there was considerable scope for joint innovation, technology partnerships and the development of resilient global value chains.
Goyal also called for closer links between startup ecosystems across BRICS countries and cooperation in emerging technologies.
He said India, as it moves towards its goal of becoming a developed nation by 2047, sees immense potential for expanding cooperation with BRICS members and partner countries.
The minister expressed hope that the thematic sessions of the Business Forum would result in “constructive and actionable recommendations” to strengthen intra-BRICS trade and economic cooperation.
External Affairs Minister S Jaishankar, addressing the forum, said BRICS cooperation has evolved substantially over the past two decades in terms of membership, agenda and mechanisms.
He said India’s 2026 BRICS Chairship is seeking to carry this evolution forward through the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”
Jaishankar noted that the global political and economic order is undergoing significant changes, with volatility, uncertainty and complexity becoming defining features of the international environment.
He highlighted supply chain connectivity and trade facilitation as crucial areas for BRICS cooperation, along with services, agriculture and agri-technology, digital delivery, MSMEs, startups and women-led enterprises.
“The common thread is how to make it easier for businesses in our countries to find more partners, access more markets, connect supply networks and convert complementarities into viable commercial partnerships,” Jaishankar said.
He stressed that BRICS economies need greater self-reliance while remaining connected and competitive, calling for dependable logistics, a predictable business environment, diversified commercial relationships and transparent trade and investment.
Jaishankar also highlighted digital public infrastructure, artificial intelligence, fintech and advanced manufacturing as areas offering significant opportunities for cooperation, while underlining the importance of access, standards, security and trust.
He said India’s experience in digitalisation, manufacturing and innovation makes it a natural partner for BRICS countries and highlighted initiatives such as the BRICS incubator network and BRICS Startup Innovation Fund.
Minister of State for Commerce and Industry and Electronics and Information Technology Jitin Prasada said the BRICS Business Forum provides an opportunity to convert the economic strength of the grouping into concrete commercial outcomes.
Prasada highlighted digital services and artificial intelligence as important areas for cooperation, particularly for improving productivity and outcomes for individuals and MSMEs.
He called for greater technology exchange in AI while keeping the United Nations at the centre of global governance. On semiconductors, he highlighted India’s Semiconductor Mission 2.0 and called for cooperation to develop the entire semiconductor ecosystem.
Prasada also identified digital public infrastructure and data centres as potential areas of cooperation and urged BRICS countries to “co-develop, co-invest and co-innovate”.
Commerce Secretary Rajesh Agrawal said trade among BRICS countries has increased significantly, rising from USD 84 billion in 2003 to nearly USD 1.2 trillion in 2024.
He emphasised the need to preserve and revitalise the multilateral trading system with the World Trade Organization at its core, while supporting MSMEs through measures such as affordable working capital.
Agrawal also highlighted BRICS Connect, B2B partnerships, an annual BRICS Trade and Investment Expo, digital trade documentation and greater sectoral cooperation, including in healthcare.
He called for stronger economic integration under the BRICS Economic Partnership Strategy 2030, with a focus on cooperation, trust, innovation and shared prosperity.
The BRICS Business Forum is being held in New Delhi ahead of the 18th BRICS Summit, which India is hosting on September 12-13 under its 2026 Chairship. The summit’s theme is “Building for Resilience, Innovation, Cooperation and Sustainability.”
