India’s Piyush Goyal Urges BRICS to Link Payment Systems and Expand Local-Currency Trade
Key Takeaways
- •India's Commerce and Industry Minister Piyush Goyal urged BRICS nations at the September 11 Business Forum in New Delhi to interconnect national payment systems and settle more trade in local currencies.
- •Goyal cited India's UPI as a template for cross-border payments, stating it is accepted in 11 countries and handles more than 250 billion transactions each year.
- •He argued that interoperable payment networks could make cross-border transactions faster and less dependent on traditional international channels, without the need for a shared BRICS currency.
- •Turning the proposal into practice depends on payment authorities cooperating and aligning regulatory and technical frameworks across participating countries.
- •Goyal also pressed members to open markets, particularly for raw materials and critical minerals, reduce non-tariff barriers, streamline customs procedures, and deepen cooperation in areas such as pharmaceuticals, engineering, electronics, automobiles, services, and emerging technologies.
India is urging BRICS members and partner countries to deepen financial integration by linking national payment systems and expanding trade conducted in local currencies.
Speaking at the BRICS Business Forum in New Delhi on September 11, India’s Commerce and Industry Minister Piyush Goyal presented the country’s Unified Payments Interface (UPI) as a potential model for cross-border payment cooperation. Goyal said UPI is now accepted in 11 countries and processes more than 250 billion transactions annually.
BRICS Focuses on Cross-Border Payments
Goyal’s proposal comes as BRICS countries explore ways to reduce friction in international trade and increase the use of domestic currencies. Greater interoperability between national payment networks could help make cross-border transactions faster while reducing reliance on traditional international payment channels.
Goyal also called for digital trade to become more accessible globally and urged BRICS members to cooperate on emerging technologies. The proposal reflects broader interest within the bloc in strengthening financial connectivity. BRICS finance officials and central bank leaders have discussed practical approaches to cross-border payments and the increased use of local currencies for trade and investment.
The practical implementation of the proposal would depend on cooperation among payment authorities, as well as compatible regulatory and technical arrangements across participating countries. Those arrangements would determine how closely national systems can connect and how broadly local-currency settlement can be used in trade.
Trade Integration Remains a Priority
Goyal linked payment cooperation to a broader effort to strengthen trade among BRICS members. He called on countries to open their markets to one another, particularly for raw materials and critical minerals, and urged them to reduce non-tariff barriers and simplify customs and regulatory procedures.
According to Goyal, resilient supply chains require trade to operate in both directions. India is also seeking greater cooperation in pharmaceuticals, engineering, electronics, automobiles, services and emerging technologies. He highlighted opportunities to connect startup ecosystems and expand participation by women-led businesses.
The payment proposal offers BRICS a practical channel for financial cooperation without requiring the creation of a common currency. For India, UPI’s growing international reach provides an existing example of how domestic digital infrastructure could support broader cross-border commerce.
