BRICS countries should link their payment systems and boost trade in local currencies to strengthen economic ties and create more resilient supply chains, India’s Commerce and Industry Minister Piyush Goyal said Friday.
Speaking at the BRICS Business Forum, Goyal urged the member countries to open their markets to each other, reduce non-tariff barriers to trade and strengthen economic integration amid growing global fragmentation.
He pointed to India’s Unified Payments Interface, or UPI, as a possible model for simpler cross-border payments and called on BRICS members to use local currencies more frequently in their trade.
Reports from the forum also said Goyal called for greater participation of startups and women-led businesses in the economic ecosystem of the group.
His comments come as BRICS tries to enhance economic cooperation between its fast-growing membership and reduce vulnerabilities in global supply chains. Trade, payments and financial cooperation are gaining more importance for the grouping as countries search for alternatives to traditional international payment arrangements.
Stronger links among BRICS economies can help businesses sail through geopolitical and economic uncertainty while creating new opportunities for trade and investment, Goyal said.
The drive to trade in local currencies is part of a broader Indian push for cross-border transactions that do not depend entirely on major international currencies.
The proposals came as businesses and governments met for the BRICS Business Forum to discuss trade, investment and economic cooperation.
