Commerce Minister Piyush Goyal Urges BRICS Nations to Expand Local Currency Trade and Lower Regulatory Barriers

Union Minister of Commerce and Industry Piyush Goyal addressed the Opening Session of the BRICS Business Forum in New Delhi on September 11, 2026. Highlighting that BRICS member states collectively account for nearly one-fourth of global trade, Goyal emphasised the need for member and partner countries to build deeper, more resilient, and balanced trade partnerships. He urged member nations to open their domestic markets to each other's products—particularly critical minerals, engineering goods, and raw materials—and to simplify complex regulatory procedures that hinder cross-border commerce. Additionally, Goyal advocated for linking digital payment systems across BRICS nations to promote bilateral trade settlements in local currencies. External Affairs Minister Dr. S. Jaishankar also addressed the forum, underscoring supply chain connectivity, trade facilitation, and technology innovation as core priorities for the grouping. The forum brought together corporate leaders, investors, and official delegations ahead of the 18th BRICS Summit in New Delhi, providing a key platform to expand business-to-business engagement and international market access.