India Pushes BRICS Nations to Trade in Local Currencies, Link Payment Systems

India has urged BRICS countries to create a predictable business environment, strengthen supply-chain resilience and connect their payment systems to enable trade in local currencies. The proposal came during discussions at the BRICS Business Forum, where members also explored measures to improve food security and reduce vulnerability to global economic disruptions.

External Affairs Minister S Jaishankar said India’s BRICS chairship was focused on resilience, innovation, cooperation and sustainability. Addressing delegates, he said the global political and economic order was undergoing significant changes due to geopolitical conflicts, pandemics and climate-related disruptions, creating greater volatility and uncertainty for economies.

Jaishankar called for increased self-reliance within the bloc while maintaining global economic connectivity and competitiveness. He highlighted the need for dependable logistics, diversified commercial relationships, transparent trade and investment practices and genuine market-based competition. He also identified digital public infrastructure, artificial intelligence, fintech and advanced manufacturing as important areas for cooperation.

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Commerce and Industry Minister Piyush Goyal said BRICS accounted for nearly one-fourth of global trade and urged member and partner countries to open their markets to each other’s products, including raw materials and critical minerals. He said supply chains could become more resilient only when trade flows in both directions, while calling for simplified regulations, faster clearances and greater access to services markets.

Goyal also advocated easier professional mobility and mutual recognition of qualifications among BRICS countries. On payment connectivity, he said India’s Unified Payments Interface handled more than 250 billion transactions annually and accounted for over half of global transaction volumes by number. He urged BRICS nations to link their payment systems and conduct more trade using their respective local currencies.

Russia’s Economic Development Minister Maxim Reshetnikov said Russia had sharply reduced its dependence on the US dollar and euro for export settlements, with their combined share falling from 85% three years ago to around 11%. He also proposed creating a BRICS grain exchange, arguing that the bloc includes many of the world’s largest grain producers and consumers but continues to rely on external markets for price benchmarks.

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