Commerce and Industry Minister Goyal urges BRICS members to link payment systems, promote trade in local currencies

Commerce and Industry Minister Piyush Goyal on Friday urged BRICS member countries to link their payment systems, encourage trade in local currencies, and make digital trade more accessible globally. Goyal highlighted India?s significant initiatives in laying out digital public infrastructure and said that the Unified Payments Interface (UPI) today has over 250 billion transactions a year, representing more than half of transactions by volume across the world. He said UPI is also accepted in 11 countries and urged BRICS member and partner countries to link their payment systems, promote trade in each other?s local currencies, make digital trade global and build together for emerging technologies. He said India brings strong capabilities across sectors including agriculture, pharmaceuticals, engineering, electronics, automobiles and auto components and services, and called for linking startup ecosystems as well. He said these trends offer significant scope for joint innovation, technology partnerships and resilient global value chains.

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