Grouping looks at pragmatic cross-border payment mechanism, local currency trade
BRICS finance leaders and India’s commerce minister urged the bloc to adopt pragmatic, low‑cost cross‑border payment systems and increase trade in local currencies, highlighting India’s UPI platform. Meetings in Jaipur and Mumbai produced a joint statement calling for practical solutions and continued work by the BRICS Payment Task Force.
- ✓BRICS finance leaders and India’s commerce minister urged the bloc to adopt pragmatic, low‑cost cross‑border payment systems and increase trade in local currencies, highlighting India’s UPI platform.
- ✓Meetings in Jaipur and Mumbai produced a joint statement calling for practical solutions and continued work by the BRICS Payment Task Force.
- ✓Civic Domain: Categorized under world public notices.
India’s Commerce Minister Piyush Goyal used the opening of the BRICS Business Forum to press member states to interlink their payment infrastructures and settle trade in each other’s local currencies, citing the country’s Unified Payments Interface (UPI) as a model for fast, digital transactions.
Finance ministers and central bank governors from the ten‑nation bloc convened in Jaipur on August 12‑13 and later in Mumbai, issuing a joint declaration that praised ongoing studies of cross‑border payment and messaging interoperability and tasked the BRICS Payment Task Force with delivering fast, low‑cost, transparent solutions. RBI Governor Sanjay Malhotra, speaking in August, noted discussions on linking rapid payment systems and central bank digital currencies, while UPI is already operational in roughly ten countries. The statement also referenced U.S. President Donald Trump’s July remarks warning against any move that could diminish the dollar’s global role.
The push comes as the United States remains the dominant holder of foreign‑exchange reserves in dollars, a position that gained renewed scrutiny after the 2022 Ukraine conflict spurred diversification into assets like gold. BRICS officials stress that their aim is not to replace the dollar but to provide a viable alternative that enhances efficiency and inclusivity in global trade, a stance that could reshape supply‑chain dynamics and reduce transaction costs for member economies.
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| Issuing Authority | Indian Express Economy & Markets |
|---|---|
| Topic Category | WORLD |
| Jurisdiction | All India / National |
| Publication Date | 11 September 2026 |