BRICS nations should link payment systems, trade in local currencies: Piyush Goyal at BRICS Business Forum
At the BRICS Business Forum 2026, Indian Commerce Minister Piyush Goyal advocated for the integration of payment systems and increased trade using local currencies among member nations. External Affairs Minister S. Jaishankar emphasized the need for economic self-reliance and resilient supply chains.
Why it matters
The push for local currency trade and payment integration represents a strategic effort by BRICS nations to reduce reliance on traditional global financial systems and enhance economic sovereignty.
Union Commerce Minister Piyush Goyal on Friday (September 11, 2026) urged the gathered BRICS members and partner countries to link their payment systems and conduct more trade in local currencies.
Speaking at the inaugural session of the BRICS Business Forum 2026, Mr. Goyal highlighted that BRICS cooperation would create jobs, wealth and prosperity for countries that represent half of mankind and 40% of the global gross domestic product (GDP).
“BRICS today represents almost one-fourth of global trade, and India is an important pillar of intra-BRICS trade,” Mr. Goyal said. “Engineering goods and electronics account for the largest segment of India’s manufactured exports. India is also known as the pharmacy of the world.”
Minister of External Affairs S. Jaishankar, also speaking at the event, said that higher economic security means greater self-reliance while also remaining inter-connected.
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3 other newsrooms covered this event. We read each version separately.
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