Union Commerce Minister Piyush Goyal called on BRICS nations to link their payment systems and increase trade in local currencies during the inaugural session of the BRICS Business Forum 2026 on September 11, 2026. Speaking at the event, Mr. Goyal emphasized that BRICS cooperation would generate jobs, wealth, and prosperity for countries representing half of the world’s population and 40% of global GDP. He noted that India is a key player in intra-BRICS trade, with engineering goods and electronics forming the largest segment of its manufactured exports. India is also referred to as the 'pharmacy of the world' due to its pharmaceutical industry.

Minister of External Affairs S. Jaishankar echoed the call for economic security through self-reliance while maintaining interconnectedness. He stated that the goal is to strengthen resilience against shocks while remaining competitive. This requires genuine market practices, a predictable business environment, diversified commercial relationships, and transparent trade and industry. He also highlighted the need for energy systems capable of handling disruptions and transition pathways tailored to each nation’s circumstances.

Mr. Goyal urged BRICS members and partner countries to link payment systems, trade in local currencies, and make digital trade global. He emphasized that trade should be deep, resilient, and not hinder growth or the wellbeing of citizens. The Commerce Minister also called for opening markets to each other’s products, including raw materials and critical minerals, and simplifying regulatory procedures to expedite consignment clearance.

Minister of State for Commerce and Industry Jitin Prasada proposed greater collaboration in digital services, artificial intelligence, semiconductors, and other technology sectors. He highlighted the growing importance of data centres, stressing the need for green power and best practices to ensure that technologies and economies remain within national boundaries. The Russian Minister of Economic Development, Maxim Reshetnikov, suggested a BRICS grain exchange as a way to create an independent mechanism for strategic agricultural commodities. He noted that BRICS nations are leading producers and consumers but still rely on price benchmarks from other markets. Russia has prepared a detailed plan for the exchange, which would allow direct transactions between producers, traders, and buyers.

The proposed initiatives, while ambitious, remain subject to implementation challenges, including regulatory differences, currency volatility, and geopolitical tensions. The success of linking payment systems and promoting local currency trade will depend on the willingness of all BRICS members to coordinate and align their economic policies. The long-term impact of these proposals on global trade dynamics and economic stability remains to be seen.