New Delhi: India has called on BRICS member and partner countries to deepen economic cooperation by creating a more predictable business environment, strengthening supply chains and connecting payment systems to facilitate trade in local currencies.
The proposals came during the BRICS Business Forum, where External Affairs Minister S Jaishankar highlighted the need for greater economic resilience amid growing geopolitical and economic uncertainties. At the same forum, Commerce and Industry Minister Piyush Goyal urged BRICS economies to keep markets open, diversify supply chains and make cross-border trade easier.
Russia, meanwhile, put forward a proposal for a BRICS grain exchange, aimed at strengthening food security and giving major grain-producing and consuming nations within the grouping a greater role in determining market prices.
Jaishankar Calls for Greater Economic Resilience
Delivering the keynote address, Jaishankar said India’s BRICS chairship was centred on four broad themes — resilience, innovation, cooperation and sustainability.
He noted that the global economic and political environment was undergoing significant changes, with geopolitical conflicts, pandemics and climate-related disruptions contributing to volatility and uncertainty.
Against this backdrop, the External Affairs Minister argued that BRICS countries needed to strengthen their capacity to withstand economic shocks while continuing to remain connected to global markets.
Jaishankar called for greater self-reliance within the BRICS framework, while stressing that self-reliance should not mean isolation from the global economy.
Predictable Business Environment and Diversified Trade
According to Jaishankar, economic security would depend on several factors, including reliable logistics, transparent trade and investment practices, diversified commercial relationships and a stable business environment.
He also emphasised the importance of genuine and dependable market practices that could help businesses operate with greater certainty across BRICS economies.
The minister highlighted digital public infrastructure, artificial intelligence, fintech and advanced manufacturing as areas with significant potential for cooperation and investment among member countries.
He further stressed the importance of energy systems capable of dealing with disruptions, along with energy-transition strategies that take into account the different economic and developmental circumstances of individual countries.
Piyush Goyal Pushes for Stronger Intra-BRICS Trade
Addressing nearly 2,000 delegates, Commerce and Industry Minister Piyush Goyal said BRICS represented almost a quarter of global trade, underlining the group’s growing significance in the international economic system.
Goyal called for deeper and more resilient trade among BRICS members and partner countries, arguing that supply chains should be diversified so that disruptions do not adversely affect economic growth or public welfare.
He also urged member nations to expand market access for one another’s products, particularly raw materials and critical minerals.
According to Goyal, supply chains can become genuinely resilient only when trade flows in both directions. He called for simpler regulations, faster approvals and more efficient customs and clearance procedures to facilitate business between participating countries.
Services, Professional Mobility and Agri-Tech in Focus
Goyal also called for greater cooperation in the services sector. He advocated opening services markets, facilitating professional mobility and establishing mechanisms to recognise professional qualifications across countries.
Another area highlighted by the minister was agricultural technology. He urged BRICS nations to support agri-tech startups working on solutions related to food security and agricultural productivity.
Such cooperation, he suggested, could help countries address common challenges while creating new opportunities for technology companies and entrepreneurs.
India Pushes for Linked Payment Systems
Cross-border payments emerged as another key area of discussion at the BRICS Business Forum.
Goyal highlighted the rapid expansion of India’s Unified Payments Interface (UPI) and called for greater integration of payment systems among BRICS members and partner countries.
He urged participating nations to explore linking their payment platforms and expanding the use of local currencies for bilateral and intra-BRICS trade.
The proposal is aimed at making cross-border transactions more efficient while reducing dependence on traditional international payment channels and foreign currencies for trade between participating economies.
Russia Backs Local-Currency Settlements
Russia’s Minister of Economic Development Maxim Reshetnikov said the country had significantly increased the use of local currencies for international trade settlements.
He said the share of the US dollar and euro in settlements for Russian exports had fallen sharply, from 85% three years ago to around 11% currently, according to the figures presented at the forum.
Reshetnikov argued that expanding local-currency settlements could help BRICS countries strengthen economic resilience and reduce exposure to external financial disruptions.
Russia Proposes BRICS Grain Exchange
Russia also proposed the creation of a BRICS grain exchange, positioning the initiative as a potential mechanism to strengthen food security across the grouping.
Reshetnikov pointed out that BRICS countries include some of the world’s major grain producers as well as large consumers. However, prices for these commodities continue to be influenced significantly by benchmarks established in markets outside the grouping.
A dedicated BRICS grain exchange, he suggested, could provide member countries with a platform more closely aligned with their own production, consumption and trade patterns.
BRICS Seeks Stronger Economic Cooperation
The discussions at the Business Forum reflect a broader push within BRICS to strengthen economic cooperation at a time of increasing global trade and geopolitical uncertainty.
From resilient supply chains and local-currency settlements to digital infrastructure, artificial intelligence, critical minerals and food security, member countries are seeking new avenues to deepen economic ties.
India’s emphasis on predictable business practices, open markets and technological cooperation, alongside Russia’s proposal for a grain exchange, adds momentum to efforts to make BRICS a more integrated economic platform.
