Commerce and Industry Minister Piyush Goyal on Thursday pitched for a unified interlinked digital payment mechanism among BRICS nations settled to minimise trade friction, open up critical supply chains, and enable seamless movement of skilled professionals.
Speaking at the BRICS Business Forum on Friday, Goyal said, "I would urge the international trustees and partner countries to link our payment systems, trade in each other's local currencies, make digital trade global, and build together for the future emerging technologies. We bring strong capabilities across many sectors, including agriculture, pharmaceuticals, engineering, electronics, automobiles and auto components, services, and should also link our start-up ecosystem. These trends offer significant scope, as was earlier mentioned, for joint innovation, technology partnerships, and resilient global value chains."
He emphasised that member countries must open their domestic markets to each other’s goods—particularly essential raw materials and critical minerals—while actively dismantling persistent non-tariff barriers. "BRICS partners can link digital trade in local currencies," Goyal said, urging partner nations to facilitate the real-world opening of services by enabling smoother cross-border mobility for skilled professionals.
Underscoring the bloc's growing trade movement, Commerce Secretary Rajesh Agrawal noted that intra-BRICS trade has surged from $84 billion in 2003 to nearly $1.2 trillion in 2024.
Agrawal underscored that there is an urgent need to strengthen rules supporting global trade, with a sharp focus on integrating Micro, Small, and Medium Enterprises (MSMEs) into global value chains. Highlighting that the global trade finance gap is currently estimated at $2.5 trillion, Agrawal stressed that financial institutions must step up. "We should enable exporters to access affordable working capital based on confirmed orders and reliable payment records," he said, proposing an agreed common BRICS mechanism to streamline digitally delivered services across borders.
Echoing the similar sentiments, Russia’s Minister for Economic Development Maxim Reshetnikov highlighted Moscow's structural shift away from Western payment channels. Reshetnikov revealed that Russian trade settled in US dollars or Euros has plunged from 85% to just 11%, even as its economy remains market-oriented despite persistent external pressure.
Reshetnikov also noted that Russia is actively negotiating a Free Trade Agreement (FTA) with India, alongside a pact with the UAE set to come into force and another with Indonesia expected next year.
