Grouping looks at pragmatic cross-border payment mechanism, local currency trade

Grouping looks at pragmatic cross-border payment mechanism, local currency trade Noting that there is "immense potential to deepen cooperation", he remarked trade among partners should be deep and resilient with diversified supply chains, adding that it should not be an impediment to.

Key points

• 5 min read New Delhi Sep 12, 2026 03: 56 AM IST.
• Commerce and Industry Minister Piyush Goyal at the opening ceremony of the BRICS Business Forum in New Delhi, Friday.
• Addressing the opening session of the BRICS Business Forum on Friday, Goyal spoke regarding India's Unified Payments Interface (UPI).
• Ahead of the BRICS Leaders' Summit, member countries have pressed "pragmatic" and "efficient" cross-border payment mechanisms, including promotion of local currencies for trade and investments.

Commerce and Industry Minister Piyush Goyal at the opening ceremony of the BRICS Business Forum in New Delhi, Friday. (PTI).

Ahead of the BRICS Leaders' Summit, member countries have pressed "pragmatic" and "efficient" cross-border payment mechanisms, including promotion of local currencies for trade and investments. Separately, Commerce Minister Piyush Goyal pressed the bloc to link payment systems and trade in each other's currencies.

Addressing the opening session of the BRICS Business Forum on Friday, Goyal spoke regarding India's Unified Payments Interface (UPI). "I would urge the BRICS member countries 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, " he remarked.

In short, grouping looks at pragmatic cross-border payment mechanism, local currency trade is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.