Piyush Goyal urges BRICS nations to open markets and link payment systems

What happened?

India has challenged its partners in the BRICS bloc to back up their rhetoric on economic cooperation by opening up their domestic markets and dismantling the regulatory barriers that stifle mutual trade. Speaking at the BRICS Business Forum in New Delhi, Commerce and Industry Minister Piyush Goyal laid out a sweeping agenda to deepen commercial ties. His proposals ranged from simplifying customs clearances to linking national digital payment networks and trading in local currencies.

Why it matters

At the heart of Goyal’s pitch was a direct appeal for member states to lower their guards. He urged the group to cut non-tariff barriers, simplify complex regulations, and make it easier to trade raw materials and critical minerals. These resources are vital for advanced electronics and clean energy transitions, sectors where several BRICS members are dominant. Goyal pointed to major export opportunities in engineering goods, electronics, and pharmaceuticals, but argued that unlocking this potential requires a collective effort to ease market access.

What are the key proposals?

Goyal argued that the movement of goods must be matched by the movement of people. He called for the mutual recognition of professional qualifications and fewer restrictions on professionals travelling across borders for work.

He also pitched for deeper collaboration on technology and food security, suggesting that agri-tech startups from across the BRICS nations should team up to support farmers. Alongside this, he called for joint innovation in the automotive, auto-components, and service industries.

On the financial side, the Indian minister urged the bloc to move away from its heavy reliance on hard global currencies. He advocated for a significant expansion of local-currency trade and digital commerce, offering India’s own Unified Payments Interface (UPI) as a blueprint. The digital payment system now handles more than 250 billion transactions every year and is already accepted in 11 countries. Linking similar national systems across the BRICS nations, he argued, would make cross-border trade seamless.

The broader picture

The push for deeper economic integration comes as the expanded BRICS bloc wields growing trade power. Goyal noted that collective exports from BRICS nations climbed to $6 trillion in 2024, highlighting the massive scale of the economic engine the members are trying to coordinate. By focusing on practical steps like aligned payment systems and simpler customs checks, the Indian government is pitching itself as a facilitator of a more integrated global South.