Piyush Goyal urges BRICS nations to link payment systems, pitches UPI; calls for cross-border trade in local currencies

UPI has crossed 250 billion transactions a year and accounts for more than half of transactions by volume globally, Goyal said.AI Quick ReadCommerce and Industry Minister Piyush Goyal on Friday called on BRICS member and partner countries to link their payment systems, encourage trade in local currencies and make digital trade more accessible globally.

Speaking at the BRICS Business Forum in New Delhi, Goyal said India’s digital payment infrastructure, including the Unified Payments Interface (UPI), could serve as a foundation for deeper cross-border cooperation among BRICS economies.

UPI has crossed 250 billion transactions a year and accounts for more than half of transactions by volume globally, Goyal said. He added that UPI is currently accepted in 11 countries.

"I would urge the BRICS member countries and partner countries to link our payment systems, trade in each other's local currencies, make digital trade global and build together for the future emerging technologies," he said.

Goyal said trade among BRICS partners should be deep and resilient, with diversified supply chains to ensure that trade does not become an impediment to economic growth and people's well-being.

He urged member countries to open their markets to each other's products, including raw materials and critical minerals.

"Our supply chains will be resilient when they run both ways," Goyal said, adding that non-tariff measures increase export costs, sometimes by more than tariff measures.

He also called for simpler regulatory procedures and faster clearance of consignments to make market access easier for businesses.

"I urge BRICS member states and partner countries to open their markets while working together to simplify regulatory procedures and facilitate faster clearance of consignment," he said.

Goyal also called for greater cooperation in agriculture and encouraged BRICS countries to work together with agri-tech startups to develop solutions for farmers across the grouping.

He said such cooperation would be important for ensuring food security.

The minister also called for BRICS countries to open their services markets to each other and make it easier for professionals to move across borders.

"Let professionals move easily across borders and make it easier to recognise each other's professional qualifications," he said.

According to Goyal, sectors including agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services have significant potential for greater cooperation among BRICS countries.

The BRICS Business Forum was held ahead of the two-day BRICS Summit, which India is hosting in New Delhi from Saturday.

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