Union Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member and partner countries to link their payment systems, promote trade in local currencies and simplify regulatory procedures to deepen intra-BRICS trade and build more resilient supply chains.
Addressing the BRICS Business Forum in New Delhi, Goyal said India’s digital payment infrastructure, including the Unified Payments Interface (UPI), could serve as a basis for greater cross-border cooperation among BRICS economies.
“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.
The minister also called for greater market access within the grouping, particularly for raw materials and critical minerals, while urging countries to simplify regulations and expedite the clearance of consignments.
Goyal said non-tariff measures were imposing higher export costs than tariffs in 88 per cent of countries, underlining the need for smoother market access to facilitate trade.
“We should open our markets for each other’s products, including for raw materials and critical minerals,” he said, adding that supply chains would be resilient when they “run both ways”.
The minister said India viewed BRICS as an important market for its manufactured exports, particularly engineering goods, electronics and pharmaceuticals.
He also called for greater cooperation in the services sector, including facilitating the movement of professionals and promoting mutual recognition of professional qualifications.
Goyal highlighted the role of startups and women-led businesses in strengthening economic cooperation, noting that more than 45 per cent of India’s 250,000 recognised startups have at least one woman partner or director.
He urged BRICS countries to ensure greater participation of women-led enterprises in exhibitions, trade fairs and other business opportunities.
The minister also proposed collaboration among agri-tech startups and closer integration between startup ecosystems across BRICS member and partner countries.
The BRICS Business Forum, the grouping’s principal platform for private-sector engagement, is being held in New Delhi ahead of the BRICS Summit. The forum brings together business and government leaders to discuss trade, investment, finance, technology and sustainable economic development.
Goyal said India sought to deepen economic cooperation with BRICS members and partner countries as it works towards its goal of becoming a developed nation by 2047.
He expressed hope that the discussions at the forum would lead to “constructive and actionable recommendations” to strengthen intra-BRICS trade and economic cooperation. (ANI)
