India Calls for Deeper BRICS Trade Cooperation and Local Currency Usage
Union Minister of Commerce and Industry Shri Piyush Goyal addressed the BRICS Business Forum in New Delhi, emphasizing the need for deeper, more resilient and balanced trade partnerships among BRICS member and partner countries. With BRICS accounting for nearly one-fourth of global trade, Goyal highlighted that trade among BRICS countries has grown significantly from USD 84 billion in 2003 to nearly USD 1.2 trillion in 2024.
Goyal called for greater market access, diversified supply chains, and simpler regulatory procedures to unlock the full potential of economic cooperation. He noted that non-tariff measures impose higher export costs than tariffs themselves for 88% of countries, urging BRICS members to work together to simplify regulatory procedures and facilitate faster clearance of consignments. The minister emphasized that supply chains must be diversified and trade should not become an impediment to growth and well-being in any member state.
A key proposal was the linking of payment systems and promotion of trade in local currencies. Goyal highlighted India's Unified Payments Interface (UPI) which processes over 250 billion transactions annually, representing more than half of transactions by volume across the world, and is currently accepted in 11 countries.
Specific sectors identified for greater cooperation include agriculture, pharmaceuticals, engineering, electronics, automobiles and auto components, services, and startups. Goyal urged BRICS countries to encourage agri-tech startups to jointly develop solutions for farmers across BRICS nations in the interest of food security. He also called for opening services markets, facilitating movement of professionals across borders, and making it easier to recognize each other's professional qualifications.
The minister highlighted women's participation in India's startup ecosystem, noting that more than 45% of the 250,000 recognized startups in India have at least one woman partner or director, and two-thirds of small loans provided in the last decade have been given to women entrepreneurs.
Union Minister of External Affairs Dr. S. Jaishankar highlighted that this year marks 20 years of institutionalized BRICS cooperation and emphasized supply chain connectivity, trade facilitation, services, agriculture, digital delivery, MSMEs, startups and women-led enterprises as crucial priorities. He noted that resilience has become a key component of the BRICS community, with the need for greater self-reliance while remaining connected through genuine market practices, dependable logistics, and predictable business environment.
Minister of State Shri Jitin Prasada highlighted digital services, particularly artificial intelligence, as an important area of collaboration, noting its potential to improve productivity and outcomes for individuals and MSMEs. He highlighted India's Semiconductor Mission 2.0 with a financial outlay of about USD 13 billion in incentives and called for collaboration to develop the entire semiconductor ecosystem.
Commerce Secretary Shri Rajesh Agrawal emphasized preserving and revitalizing the multilateral trading system with the WTO at its core and supporting MSMEs through affordable working capital, with the Jaipur Consensus providing a foundation for exploring a common BRICS mechanism. He called for stronger economic integration under the BRICS Economic Partnership Strategy 2030 through cooperation, trust, innovation and shared prosperity.