Speaking at the BRICS Business Forum 2026 in New Delhi, Goyal said trade among member and partner countries should become deeper and more resilient, with supply chains running in both directions rather than being disrupted by protectionist barriers.
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“Trade amongst partners should be deep, resilient, with diversified supply chains, and ensuring that at no point of time trade becomes an impediment to growth and the well-being of the people of each member state,” Goyal said.
He urged BRICS countries to open their markets to each other’s products, including raw materials and critical minerals, while simplifying regulatory procedures and speeding up customs clearances.
Goyal also highlighted non-tariff measures as a major impediment to trade, saying they can impose export costs that are significantly higher than tariffs themselves. He called for easier market access and fewer regulatory hurdles across the grouping.
The minister’s remarks come as India seeks to use its BRICS chairship to push greater trade and economic cooperation among member and partner countries. BRICS countries account for nearly a quarter of global trade, Goyal said, while representing half of humanity and around 40% of global GDP.
Goyal pitches UPI, local currencies for BRICS trade
Goyal also made a strong pitch for greater use of digital infrastructure and local currencies in cross-border trade, pointing to India’s Unified Payments Interface as a model that BRICS countries could build on.
“Today, it is also accepted in 11 countries, and I would urge the BRIC 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 said.
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India’s UPI records more than 250 billion transactions a year, according to Goyal, who said the system accounts for more than half of global transaction volumes.
Greater interoperability between payment systems could help lower friction in cross-border commerce while reducing dependence on traditional payment channels, particularly as BRICS countries look to expand trade in their own currencies.
Goyal also called for greater movement of professionals across borders and easier recognition of professional qualifications, saying services trade should be opened up “in a real sense”.
India seeks bigger role for startups, women-led businesses
Goyal said India sees significant opportunities to expand exports of engineering goods, electronics and pharmaceuticals across BRICS markets. He also pointed to India’s strengths in agriculture, automobiles, auto components and services as areas where member countries could develop joint innovation and technology partnerships.
He called for BRICS countries to connect their startup ecosystems and encouraged agri-tech companies to jointly develop solutions for farmers, with food security emerging as a key area for cooperation.
Women-led businesses should also be given a bigger role in intra-BRICS commerce, Goyal said. He noted that more than 45% of India’s 250,000 recognised startups have at least one woman partner or director, while two-thirds of small loans issued over the past decade have gone to women entrepreneurs.
Goyal said women-led enterprises should be encouraged to participate in BRICS exhibitions, trade fairs and other business opportunities.
The BRICS Business Forum precedes the leaders’ summit, with India seeking actionable recommendations to strengthen trade and economic cooperation across the expanded grouping.
Goyal said the forum’s deliberations should ultimately translate into jobs, wealth and prosperity across member countries.
He also linked the economic agenda to India’s longer-term development ambitions, saying stronger BRICS cooperation could help support India’s goal of becoming a developed nation by 2047.