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BRICS Unified Payment System Achievable With Right Trust Framework, South African BRICS Council Says

BRICS unified payment system achievable with right trust framework: South African chapter of BRICS council
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional Development

Source: The Hindu Business Line | Original Published At: 2026-09-11 04:38:46 UTC

Key Points

  • India is hosting the 18th BRICS Summit on September 12-13, 2026, at Bharat Mandapam in New Delhi, with the BRICS Business Forum held on the eve of the summit.
  • Ziaad Suleiman, Chair of the Digital Economy Working Group, South Africa Chapter, BRICS Business Council, said a unified BRICS payment system is achievable with the right trust and regulatory framework.
  • India called for greater economic resilience, self-reliance, diversified supply chains, and easier market access among BRICS countries amid global uncertainty and changing tariff conditions.
  • BRICS finance ministers and central bank governors discussed efficient cross-border payment mechanisms, greater use of local currencies, and stronger emerging-market representation in the IMF and World Bank.
  • India and Russia held talks on trade, energy, defence, and critical minerals, with both sides targeting bilateral trade above $100 billion by 2030.
  • Commerce and Industry Minister Piyush Goyal said BRICS exports rose to $6 trillion in 2024 and urged member countries to link payment systems and promote trade in local currencies.
  • The BRICS Business Forum agenda included non-tariff barriers, global value chains, agriculture and agri-technologies, services trade, women-led enterprises, and the digital economy.
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