From UPI to Local Currency Trade: What Did Piyush Goyal Appeal to BRICS Countries?

Source: Jansatta | Original Published At: 2026-09-11 09:11:38 UTC

Key Points

• Piyush Goyal addressed the opening session of the BRICS Business Forum 2026, held ahead of a two-day BRICS Summit hosted by India.
• He highlighted that India's UPI has crossed 250 billion annual transactions and is accepted in 11 countries, and urged BRICS members and partners to link payment systems and trade in local currencies.
• He called for deeper bilateral trade, diversified supply chains, market access for raw materials and critical minerals, and reduction of non-tariff barriers.
• He urged BRICS members and partners to simplify regulatory processes, speed up consignment clearance, open service markets, ease cross-border movement of professionals, and recognize qualifications.
• He proposed promoting agri-tech startups and joint farmer solutions for food security, with cooperation opportunities in agriculture, pharmaceuticals, engineering, electronics, automobile, and services.
• Russian Economic Development Minister Maxim Reshetnikov proposed a BRICS Grain Exchange and a BRICS SEZs Association, and said Russia has reduced the dollar and euro share in export settlements.
• India's Commerce Secretary Rajesh Agrawal called for steps to address the global trade finance gap, estimated at USD 2.5 trillion, by helping exporters access cheaper working capital.