Minister of Commerce and Industry Piyush Goyal called on BRICS nations on Friday to dismantle trade barriers and link payment systems to conduct trade in each other's local currencies.
At the BRICS Business Forum, the minister stated that markets should be opened to partners' products, including raw materials and critical minerals. He emphasized that supply chains would become resilient if they operated in both directions, as non-tariff measures often impose higher import costs than tariffs themselves.
Goyal also insisted on simplifying regulatory and customs procedures while promoting trade in services. He proposed fully opening the services market to partners so that specialists could freely cross borders and professional qualifications could be more easily recognized by each other.
These remarks came against a backdrop of some countries restricting visas for Indian specialists, while others, such as China, are imposing export restrictions on many goods and denying market access to products from various parts of the world.
Referring to government initiatives to create digital public infrastructure, Goyal noted that the UPI system is currently accepted in 11 countries. He strongly urged BRICS member and partner countries to link their payment systems, conduct trade in national currencies, make digital trade global, and jointly develop new technologies of the future.
External Affairs Minister S. Jaishankar also appealed to member states to work towards overcoming economic difficulties by ensuring transparency in trade and investment practices. He noted that the common goal is to help businesses in their countries find more partners, gain market access, connect supply chains, and transform complementary elements into viable commercial partnerships, despite geopolitical tensions.