India Urges BRICS to Link Payment Systems, Encourage Local Currency Trade
Goyal said UPI handles over 250 billion transactions a year and is accepted in 11 countries as he pressed BRICS for deeper payments cooperation.
- On Friday, Industry Minister Piyush Goyal urged BRICS nations to link payment systems and expand local-currency trade to strengthen intra-bloc commerce at the BRICS Business Forum.
- India's Unified Payments Interface has surpassed 250 billion annual transactions yearly, representing more than half of global transaction volume; the system operates in 11 countries.
- Russian Economic Development Minister Maxim Reshetnikov proposed a BRICS grain exchange and independent agricultural commodity mechanisms, citing Russia's shift from 85% to about 11% dollar-euro export reliance.
- Commerce Secretary Rajesh Agrawal called for bridging a $2.5 trillion trade finance gap and urged members to join the BRICS SEZs Association to facilitate investment.
- Ministers resolved to strengthen global value chains through enhanced B2B partnerships as BRICS expands to include Egypt, Ethiopia, Iran, the United Arab Emirates, Saudi Arabia, and Indonesia.
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Payment networks like UPI and Pix are considering interconnection with foreign central banks The post BRICS: Building new payment networks appeared first on in.gr.
Piyush Goyal Urges BRICS Nations To Link Payment Systems, Make Digital Trade More Accessible
“India’s UPI has crossed over 250 billion transactions a year, representing more than half of the transactions by volume across the world. It requires all of us to work together to translate our work into jobs for our people, wealth and prosperity for BRICS member states, which represent half of mankind and 40 percent of the global GDP,\" he said while addressing the Opening Session of BRICS Business Forum 2026 here
The Economic Times
Times of IndiaIndia urges BRICS to link payment systems, encourage local currency trade
Commerce and Industry Minister Piyush Goyal urged BRICS countries to link payment systems, expand local-currency trade, open markets and simplify regulations to strengthen intra-bloc commerce. At the BRICS Business Forum, he highlighted UPIs scale and called for cooperation in digital trade, critical minerals, supply chains, services and emerging technologies.
Piyush Goyal Advocates Unified Payment Systems for Stronger BRICS Trade
Union Commerce and Industry Minister Piyush Goyal urges BRICS nations to integrate payment systems and trade in local currencies to enhance economic cooperation. Speaking at the BRICS Business Forum, Goyal highlighted India's digital payment infrastructure and stressed the need to simplify regulatory procedures and improve market access for mutual benefit.
Piyush Goyal urges BRICS nations to link payment systems, pitches UPI; calls for cross-border trade in local currencies
Commerce Minister Piyush Goyal urged BRICS nations to link payment systems, pitch UPI as a basis for cross-border cooperation and boost trade in local currencies. He also called for easier market access, resilient supply chains and greater services cooperation.
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