Piyush Goyal Pushes Local Currency Trade, Calls For Linked Payment Systems At BRICS Business Forum

Commerce and Industry Minister Piyush Goyal urged BRICS member and partner countries to open markets further, reduce non-tariff barriers and simplify regulations to deepen trade. Speaking at the BRICS Business Forum 2026 in New Delhi, Goyal called for easier trade in raw materials and critical minerals, faster customs clearances, greater movement of professionals and mutual recognition of qualifications. He also proposed cooperation among agri-tech startups to support farmers and food security. Goyal highlighted opportunities for exports of engineering goods, electronics and pharmaceuticals, alongside joint innovation in agriculture, automobiles, auto components and services. He urged BRICS countries to link payment systems, increase local-currency trade and expand digital commerce, citing UPI as a model. Goyal said UPI handles over 250 billion transactions annually and is accepted in 11 countries.