Commerce and Industry Minister Piyush Goyal has called on BRICS countries to deepen economic integration by linking their payment systems and increasing trade in national currencies, as India pushes for more efficient cross-border transactions within the expanding bloc.
Speaking at the BRICS Business Forum 2026, Goyal said member countries should work towards opening their markets, reducing non-tariff trade barriers and improving payment connectivity. He also highlighted India's Unified Payments Interface (UPI) as an example of digital infrastructure that could support easier cross-border transactions.
Focus on Easier Cross-Border Payments
Goyal's remarks come ahead of the 18th BRICS Summit, which is being hosted by India in New Delhi on September 12 and 13.
The push to link payment systems reflects a broader effort within BRICS to make trade between member countries faster, cheaper and less dependent on conventional cross-border payment channels.
Rather than relying on a single new currency, the emphasis is on improving interoperability between existing national payment systems and enabling settlements in local currencies.
Recent discussions around the BRICS economic agenda have also focused on creating interoperable platforms that could allow participating countries to settle transactions directly in their respective national currencies.
India Promotes UPI as a Digital Payments Model
India's UPI has emerged as an important part of its pitch for greater digital-payment cooperation with other countries.
Goyal has advocated using India's experience in digital payments to strengthen economic links among BRICS economies. Greater interoperability could potentially make it easier for businesses to conduct smaller and larger cross-border transactions without depending entirely on traditional banking arrangements.
For exporters and importers, more efficient payment connectivity could reduce transaction friction and improve the speed of settlements.
However, implementing a common or interoperable system across multiple economies would require coordination between central banks, financial institutions, regulators and payment operators.
Local Currencies at the Centre of Trade Push
Goyal also called for greater use of local currencies in trade between BRICS members.
The proposal fits into India's broader approach of diversifying payment options while maintaining flexibility in international commerce. BRICS discussions have increasingly examined ways to facilitate trade in national currencies rather than making every transaction dependent on the US dollar.
The issue is particularly significant for countries seeking to reduce exposure to exchange-rate movements and payment disruptions.
At the same time, differences between BRICS economies mean that creating a seamless payment ecosystem will involve substantial technical and regulatory challenges.
Goyal Calls for Lower Trade Barriers
Beyond payments, Goyal urged BRICS nations to make their markets more accessible to one another.
He called for reducing non-tariff barriers and strengthening supply-chain cooperation, arguing that greater economic integration would help businesses operate more effectively across member countries.
The minister also highlighted the role of startups and women-led businesses in expanding economic cooperation within the bloc.
Such measures could broaden BRICS cooperation beyond government-to-government trade and create more opportunities for private companies, entrepreneurs and emerging businesses.
BRICS Economic Agenda Gains Importance
The payment-connectivity proposal comes as BRICS seeks to strengthen economic cooperation amid disruptions to global supply chains and uncertainty in international trade.
The bloc has expanded significantly in recent years and now includes 11 members. Its growing economic weight has increased attention on initiatives involving trade, finance, digital infrastructure and supply-chain resilience.
At the New Delhi summit, cross-border payments and economic cooperation are among the issues being closely watched, alongside energy security, development finance and broader geopolitical concerns. (Moneycontrol)
No Immediate BRICS Common Currency
The push for local-currency trade should not be interpreted as the creation of an immediate common BRICS currency.
The current emphasis is on making existing payment systems work more effectively with one another and facilitating settlements in national currencies.
For India, the approach allows greater use of the rupee in international trade while avoiding a commitment to a single bloc-wide currency.
If successfully implemented, stronger payment links could become one of the more practical components of BRICS economic cooperation, particularly as member countries look to increase intra-bloc trade and build more resilient supply chains.
