BRICS Nations Urged: Link Payments, Boost Local Currency Trade! 🌍💸

Union Commerce Minister Piyush Goyal has called on BRICS nations to strengthen their economic ties by linking payment systems and conducting more trade in local currencies. Speaking at the inaugural session of the BRICS Business Forum 2026, Mr.

Goyal outlined a vision for greater cooperation, emphasizing that such efforts would create jobs, wealth, and prosperity for countries that collectively represent half of the world's population and 40% of its global GDP.

The minister highlighted the significant role BRICS plays in the global economy, noting that the bloc accounts for nearly one-fourth of global trade. India, he asserted, stands as a crucial pillar within this intra-BRICS trade network, contributing significantly with its manufactured exports, including engineering goods and electronics.

India is also globally recognized as the "pharmacy of the world," underscoring its vital contribution to health and medicine.

Minister of External Affairs S. Jaishankar echoed these sentiments, stressing the importance of higher economic security for greater self-reliance while maintaining global interconnectedness. He articulated that the objective is to enhance the ability to absorb economic shocks effectively, which requires genuine market practices, a predictable business environment, diversified commercial relationships, and transparent trade and industry.

Mr. Jaishankar also pointed to the necessity of energy systems capable of managing disruptions and transition pathways tailored to various national circumstances.

Both ministers underscored the strategic imperative of fostering local currency trade. While refraining from singling out any specific currency or nation, Mr.

Goyal emphasized that trade among partners should consistently support growth rather than hinder it.

This initiative aims to build a more resilient and equitable global economic landscape for BRICS members and beyond.

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