From UPI to local currencies: India's major plan for BRICS nations; Piyush Goyal puts forward a significant proposal..
India has taken the initiative to further facilitate trade among BRICS nations. Union Minister of Commerce and Industry Piyush Goyal stated on Friday that BRICS countries should open their markets to one another. Additionally, it is essential to reduce non-tariff trade barriers and interconnect payment systems.
Speaking at the BRICS Business Forum 2026 in New Delhi, Goyal emphasized that trade between member and partner nations must be robust and reliable. He noted that supply chains should operate bidirectionally and not hinder trade growth for any country. Goyal urged BRICS nations to make their markets more accessible to each other's products, including raw materials and critical minerals. He also highlighted the need to simplify regulations and expedite customs clearance processes.
**Non-Tariff Barriers: A Bigger Challenge Than Tariffs**
Goyal remarked that import duties—or tariffs—are not the only challenge in trade. Often, non-tariff barriers—such as complex regulations, approval requirements, and procedural hurdles—significantly drive up the cost of doing business. He called for a reduction in such rules and procedures among BRICS nations to make it easier for companies to sell goods in other countries.
India currently holds the BRICS presidency and aims to leverage this position to boost trade and economic cooperation among member and partner nations. According to Goyal, BRICS nations account for approximately one-quarter of global trade. These countries represent nearly half of the world's population and about 40% of the global GDP.
**Emphasis on Increasing UPI and Local Currency Usage in BRICS**
Goyal also advocated for expanding the use of digital payments and local currencies in cross-border trade, citing India's UPI as a prime example. He noted that UPI is currently accepted in 11 countries. He urged BRICS member and partner nations to interconnect their respective payment systems and encouraged them to increase trade using each other's local currencies. This could simplify the payment process in international trade and reduce reliance on traditional payment systems.
According to Goyal, India records over 250 billion transactions annually via UPI. He noted that this system accounts for more than half of the global transaction volume.
**Easier mobility for professionals**
Goyal also highlighted the need to facilitate the movement of professionals among BRICS nations. He stated that the process of recognizing professional degrees and qualifications across different countries should be streamlined. According to him, there is a need to genuinely open up trade in the services sector. This could provide professionals from one country with greater opportunities to work and offer services in other BRICS nations.
**Significant opportunities in auto, electronics, and pharma**
Goyal remarked that India holds immense potential to boost exports of engineering goods, electronics, and pharmaceutical products to BRICS countries. Additionally, BRICS nations can collaborate in sectors such as agriculture, automobiles, auto components, and services. He advocated for strengthening partnerships to foster new technologies and innovation in these areas.
Goyal also proposed interconnecting the startup ecosystems of BRICS nations. He suggested that agri-tech companies could collaborate to develop new technologies and solutions for farmers. Food security could also be viewed as a key area for cooperation.
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