India has proposed measures to strengthen trade among BRICS nations. Commerce and Industry Minister Piyush Goyal urged members to open markets for each other.
Speaking at the BRICS Business Forum 2026 in New Delhi, Goyal highlighted smoother trade. He stressed reducing non-tariff barriers and connecting payment systems.
Furthermore, he said BRICS trade should become stronger and more reliable. He also called for supply chains that work in both directions.
India Calls For Open Markets And Easier Trade
Goyal asked BRICS countries to create wider market access for each other’s products. The proposal includes raw materials and critical minerals.
Additionally, he suggested simpler regulations and faster customs clearance processes. According to Goyal, trade growth should not face unnecessary restrictions.
He explained that tariffs are not the only challenge affecting global commerce. Complex rules, approvals and procedures also increase business costs.
Therefore, Goyal urged BRICS members to reduce such barriers. This step can help companies sell products across partner nations more easily.
India currently holds the BRICS presidency. Through this platform, India aims to increase economic cooperation among members and partners.
Goyal said BRICS countries represent nearly one-fourth of global trade. They also represent around half of the world’s population and nearly 40% of global GDP.
UPI And Local Currency Push For BRICS Payments
Goyal encouraged BRICS nations to expand digital payments and local currency usage. He highlighted India’s UPI system as an example.
Currently, UPI receives acceptance in 11 countries. Goyal suggested linking payment systems among BRICS members and partner nations.
Moreover, he encouraged trade using local currencies. This approach can simplify international payments and reduce dependence on traditional systems.
Goyal stated that UPI handles over 250 billion transactions annually in India. He added that the system represents more than half of global transaction volume.
New Opportunities In Services And Key Industries
Goyal also stressed easier movement of professionals among BRICS nations. He suggested simpler recognition of professional degrees and qualifications. According to him, service sector trade needs wider access. This can create more opportunities for professionals across BRICS countries.
Meanwhile, Goyal highlighted sectors like engineering goods, electronics and pharmaceuticals. He also mentioned agriculture, automobiles and auto components as growth areas.
Additionally, he proposed stronger partnerships in technology and innovation. He suggested connecting BRICS startup ecosystems for better collaboration.
Goyal said agri-tech companies can jointly develop solutions for farmers. He also identified food security as an important cooperation area.
