India seeks greater BRICS self-reliance with local currency trade, resilient supply chains

India on Friday called on BRICS members and partner countries to strengthen economic cooperation by linking their payment systems and enabling trade in local currencies. The appeal came at the BRICS Business Forum, where discussions also focused on resilient supply chains, market access and food security.

External Affairs minister S Jaishankar said India's BRICS chairship was centred on resilience, innovation, cooperation and sustainability, as global economies continue to face disruptions from geopolitical tensions, pandemics and climate-related events.

Jaishankar seeks stronger economic resilience

Addressing the forum, Jaishankar stressed the need for greater self-reliance within the bloc while maintaining global economic links.

“We meet at a time when the global political and economic order is under churn. Volatility, uncertainty, and complexity have become defining features of the world around us. We are witnessing the economic consequences of geopolitical conflicts, of pandemics, and of climate-related disruptions,” he said.

He called for dependable logistics, transparent trade and investment, diversified commercial relationships and a predictable business environment. He also highlighted digital public infrastructure, artificial intelligence, fintech and advanced manufacturing as areas with significant potential.

Goyal pushes for payment system links

Commerce and Industry minister Piyush Goyal told around 2,000 delegates that BRICS accounts for almost a quarter of global trade and said stronger intra-bloc commerce would require more open and resilient supply chains.

“We believe 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. We should open our markets for each other’s products including for raw materials and critical minerals,” he said.

Goyal also urged countries to simplify regulations, speed up clearances, open services markets and recognise professional qualifications.

On payments, he highlighted India's Unified Payments Interface (UPI), saying it handles more than 250 billion transactions annually and is accepted in 11 countries.

“I would urge the BRICS member countries and partner countries to link our payment systems, trade, in each other’s local currencies,” he said.

Russia proposes BRICS grain exchange

Russian Economic Development minister Maxim Reshetnikov said Russia had sharply reduced its reliance on the dollar and euro for export settlements.

“Three years ago, dollar and euro totaled 85% of settlements for Russian exports. The figure now stands at about 11%,” he said.

Reshetnikov also proposed creating a BRICS grain exchange, arguing that the bloc includes major grain producers and consumers but continues to depend on price benchmarks established in other markets.