BRICS Business Forum 2026: Piyush Goyal Seeks Open Markets, Fewer Trade Barriers and Payment System Links

Commerce and Industry Minister Piyush Goyal has called on BRICS member and partner countries to open their markets further and reduce barriers to trade, as per news reports.  

He made the comments at the BRICS Business Forum 2026 in New Delhi on September 11, 2026. Goyal said countries should make it easier to trade raw materials and critical minerals with each other.  

He also called for simpler regulations and faster customs clearances to reduce delays for businesses. 

Non-Tariff Measures 

The minister said non-tariff measures were among the hurdles facing exporters. In some cases, the costs created by such measures can be higher than those resulting from tariffs, he said. 

Goyal said trade between BRICS countries should be supported by diversified supply chains. He also said trade should not become a barrier to economic growth or the well-being of people in member countries. 

UPI And Local Currencies 

Goyal called for BRICS countries to link their payment systems and use local currencies for trade. He pointed to India’s Unified Payments Interface (UPI), which he said is accepted in 11 countries. 

UPI records more than 250 billion transactions a year, according to Goyal, and accounts for more than half of global transaction volumes. He also called for greater use of digital systems in international trade. 

Trade Finance Gap 

Commerce Secretary Rajesh Agrawal said trade between BRICS countries had increased from $84 billion in 2003 to nearly $1.2 trillion in 2024. 

He said the global trade finance gap is estimated at $2.5 trillion and called for exporters to get better access to affordable working capital against confirmed orders and reliable payment records. 

Services And Other Areas 

Goyal also called for easier movement of professionals and recognition of professional qualifications between BRICS countries. India sees scope to increase exports of engineering goods, electronics and pharmaceuticals. 

Agriculture, automobiles, auto components, and services were identified as areas for cooperation. Goyal also called for BRICS startup ecosystems to work together, including agri-tech companies working on farming and food security. 

Read More: Defence Ministry Clears ₹1.1 Lakh Crore Military Acquisitions; 98% Sourcing from India! 

Conclusion 

BRICS countries account for nearly a quarter of global trade, around 40% of global GDP and half of the world’s population. India is also seeking to reduce its trade deficit with BRICS partners and raise its share of goods and services trade. 

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