BRICS Member Nations Push For Digital Finance, Local Currency Trade, And Resilient Supply Chains At Business Summit

At the opening session of the BRICS Business Forum 2026 in New Delhi on September 11, 2026, member states advocated for unified finance, local currency rate, and digital mechanism among the member states and partner countries. 

Union Minister of Commerce and Industry Piyush Goyal urged BRICS member states and partner countries to link payment systems and make digital trade globally accessible. He highlighted India’s digital infrastructure, particularly the Unified Payments Interface (UPI), which recorded transactions of over 250 billion annually, which is almost half of the global transaction volume across the world. Now the UPI is accepted across 11 countries. 

Goyal emphasised the need for a two-way supply chain, as non-tariff measures impose higher export costs compared to traditional tariffs. He urged members to open domestic markets for products, raw materials, and critical minerals, while simplifying regulatory procedures for faster clearance of consignments. He also urged encouraging joint agri-tech start-up solutions for food security and opening the services markets for seamless mobility and recognition of professional qualifications in key sectors, such as engineering, automobiles, auto components, electronics, and pharmaceuticals.

The two-day summit is being held in India amid global economic uncertainties triggered by the Russia-Ukraine war, the US-Iran conflict leading to blockade of the Strait of Hormuz and the tariff policies of the Trump administration. 

Commerce Secretary Rajesh Agarwal called for bridging the global trade finance gap of $2.50 trillion by enabling exporters to access affordable working capital depending on confirmed orders. He pointed to the Jaipur Consensus adopted at the 16th BRICS meeting of the trade ministers in August 2026 to ease trade-finance related constraints for micro, small, and medium enterprises (MSMEs) through BRICS Connect, digital trade documentation, B2B partnerships, and healthcare cooperation.

At present, BRICS account for nearly 49.50 per cent of the global population, 40 per cent of the global gross domestic product (GDP), and 26 per cent of the global trade.

Russian Economic Development Minister Maxim Reshetnikov noted that BRICS represents around a quarter of the global economy and revealed that dollar and euro settlements for Russian exports dropped from 85 per cent three years ago to roughly 11 per cent at present, due to an alternative international financial system, according to a PTI report. He proposed a BRICS grain exchange system, a platform for direct agricultural transactions, to strengthen market stability, along with a BRICS SEZs Association and SEZ rankings. He highlighted that member nations need an independent mechanism for strategic agricultural commodities rather than rely on external price benchmarks.