India Takes Initiative to Ease Trade Among BRICS Countries; Focus on UPI and Local Currency Use

Source: Lokmat | Original Published At: 2026-09-11 07:20:24 UTC

Key Points

• Piyush Goyal called on BRICS countries to open their markets, simplify trade rules, and speed up customs clearance to make intra-BRICS trade easier.
• He said non-tariff barriers, complex regulations, and multiple approvals are major obstacles and should be reduced to lower business costs.
• Goyal urged BRICS members and partners to connect cross-border payment systems and expand trade in local currencies, citing India's UPI as an example.
• He noted that UPI is currently accepted in 11 countries and handles over 250 billion transactions annually in India, making it a potential model for BRICS digital payment cooperation.
• He proposed facilitating the movement of business professionals and experts, simplifying mutual recognition of qualifications, and deepening services-sector cooperation.
• Goyal highlighted opportunities in engineering goods, electronics, pharmaceuticals, agriculture, automobile components, and services, including technology and innovation partnerships.
• He proposed linking BRICS startup ecosystems and promoting agri-tech cooperation and food security initiatives.