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Mr.
Goyal Urges Member Countries to Open Markets and Simplify Regulatory Procedures
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Mr.
Goyal Urges BRICS Member and Partner Countries to Link Payment Systems And Promote Trade in Each Other’s Local Currencies
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Mr.
Goyal Emphasises Greater Cooperation in Agriculture, Pharmaceuticals, Engineering,
Electronics, Automobiles, Services, Startups and Emerging Technologies
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Union
Minister of External Affairs Dr. S. Jaishankar Highlights Supply Chain Connectivity,
Trade Facilitation and Innovation as Key BRICS Priorities
·
BRICS
trade opportunity:
Commerce & Industry Minister Piyush
Goyal said BRICS accounts for nearly one-fourth of global trade and
called for deeper, more resilient and balanced trade partnerships.
·
Three
priorities for trade: Goyal
emphasised greater market
access, diversified supply chains and simpler regulatory procedures
to unlock BRICS' economic potential.
·
Open
markets to each other: BRICS
members and partners should open their markets for each other's manufactured goods, raw materials and
critical minerals.
·
Reduce
non-tariff barriers: Goyal
noted that non-tariff
measures impose higher export costs than tariffs for 88% of countries
and called for simpler regulations and faster customs clearance.
·
Two-way
resilient supply chains: He
stressed that supply chains must operate in
both directions, rather than BRICS countries merely exporting
to one another without reciprocal market access.
·
India's
export strengths: India
can contribute strongly in engineering
goods, electronics, pharmaceuticals, agriculture, automobiles, auto components
and services.
·
Agriculture
& agri-tech: BRICS countries should promote
cooperation among agri-tech start-ups to
develop solutions for farmers and strengthen food security.
·
Services
trade:
Countries should genuinely open their services
markets, facilitate movement of professionals and improve mutual recognition of professional
qualifications.
·
Women-led
enterprises: More
than 45% of India's
250,000 recognised start-ups reportedly have at least one woman partner or director. Goyal called for women-led
enterprises to participate in BRICS exhibitions, trade fairs and other business
opportunities.
·
UPI
and digital payments:
India's UPI records more
than 250 billion transactions annually, representing over half
of global transaction volume, according to Goyal. UPI is currently accepted in 11 countries.
·
Link
payment systems: Goyal
proposed linking BRICS payment systems, encouraging trade in local currencies
and making digital trade more global.
·
Digital
and emerging technologies:
BRICS cooperation should cover AI,
fintech, digital public infrastructure, data centres, semiconductors and
advanced technologies.
·
Startup
ecosystem: India
called for greater linkage of BRICS start-up ecosystems and stronger joint innovation, technology
partnerships and global value chains.
·
External
Affairs Minister S.
Jaishankar said BRICS has evolved substantially over 20 years in membership,
agenda and cooperation mechanisms.
·
India's
BRICS Presidency is centred on resilience,
innovation, cooperation and sustainability, particularly
important amid geopolitical conflicts, pandemics, climate disruptions and rapid
technological change.
·
He
stressed supply-chain
connectivity, trade facilitation, services, agriculture, agritech,
digital delivery, MSMEs, start-ups and women-led enterprises.
·
BRICS
should pursue greater self-reliance while remaining connected and competitive,
supported by dependable logistics, predictable business conditions, diversified
commercial relationships and transparent trade and investment.
·
India
is promoting the BRICS
Incubator Network and BRICS Startup Innovation Fund to
strengthen innovation and entrepreneurship.
·
Minister
of State Jitin Prasada
called for converting BRICS' economic strength into concrete commercial outcomes.
·
AI and
digital services were
identified as major areas for cooperation, particularly to improve productivity
and opportunities for individuals and MSMEs in the Global South.
·
He
called for greater AI
technology exchange, while keeping the United Nations central to governance.
·
On
semiconductors, he highlighted India
Semiconductor Mission 2.0, with an incentive outlay of about US$13 billion, and
invited BRICS cooperation across the semiconductor ecosystem.
·
BRICS
countries should co-develop,
co-invest and co-innovate, while increasing R&D and
start-up support.
·
Commerce
Secretary Rajesh Agrawal
said intra-BRICS trade has increased dramatically from US$84 billion in 2003 to nearly US$1.2
trillion in 2024.
·
He
called for strengthening the multilateral
trading system with the WTO at its core.
·
Support
for MSMEs should include affordable
working capital, with the Jaipur Consensus providing a basis for
exploring a common BRICS mechanism.
·
BRICS
Connect, B2B partnerships and an annual BRICS Trade and Investment Expo were highlighted as tools for
strengthening global value chains.
·
Greater
use of digital trade
documentation and sectoral cooperation, including healthcare,
was proposed.
·
The
broader objective is stronger economic integration under the BRICS Economic Partnership Strategy 2030,
based on cooperation,
trust, innovation and shared prosperity.
The BRICS Business
Forum focused on moving from broad declarations to practical trade and business integration—through
lower non-tariff barriers,
reciprocal market access, resilient supply chains, digital payments,
local-currency trade, AI and semiconductor cooperation, start-up linkages and
stronger MSME participation. The central message was that the
expanding BRICS market should translate into greater two-way trade, investment and technology flows
among member and partner countries.
With
BRICS accounting for nearly one-fourth of global trade, Union Minister of Commerce
and Industry Mr. Piyush Goyal on 11 September, 2026 underlined the need for member
and partner countries to build deeper, more resilient and balanced trade partnerships.
Addressing the Opening Session of the BRICS Business Forum in New Delhi, Mr. Goyal
emphasised greater market access, diversified supply chains and simpler regulatory
procedures to unlock the full potential of economic cooperation. He expressed hope
that the Forum would deliver significant outcomes and take economic dialogue and
business partnerships among BRICS countries to the next level.
The
Opening Session was also addressed by H.E. Maxim Reshetnikov, Minister of Economic
Development of the Russian Federation; Union Minister of External Affairs Dr. S.
Jaishankar; Minister of State for Ministry of Commerce & Industry and Ministry
of Electronics & Information Technology Mr. Jitin Prasada; and Commerce Secretary
Mr. Rajesh Agrawal.
Mr.
Goyal said India is an important pillar of intra-BRICS trade and highlighted the
country’s strong capabilities in engineering goods and electronics, which account
for the largest segment of India’s manufactured exports. He also noted that India
is known as the pharmacy of the world. He said India sees BRICS as an important
market for these and other products that it seeks to take to the world as a trusted
partner.
Emphasising
the importance of deep and resilient trade among partners, Mr. Goyal said supply
chains must be diversified and trade should not become an impediment to growth and
the well-being of people in any member state. He called upon BRICS countries to
open their markets for each other’s products, including raw materials and critical
minerals.
Mr.
Goyal said supply chains would be resilient when they run both ways. Noting that
non-tariff measures impose higher export costs than tariffs themselves for 88 per
cent of countries, he called for easier and smoother market access. He urged BRICS
member and partner countries to open their markets while working together to simplify
regulatory procedures and facilitate faster clearance of consignments.
Calling
for greater cooperation in agriculture, Mr. Goyal urged BRICS countries to encourage
agri-tech startups to jointly develop solutions for farmers
across BRICS nations in the interest of food security. He also called upon countries
to open their services markets to each other in a real sense, facilitate the movement
of professionals across borders and make it easier to recognise each other’s professional
qualifications.
Highlighting
women’s participation in India’s startup and entrepreneurship ecosystem, Mr. Goyal
said that more than 45 per cent of the 250,000 recognised startups in India have
at least one woman partner or director. He said two-thirds
of the small loans provided in the last decade have been given to women entrepreneurs,
helping them stand on their own feet and become independent and self-reliant. Referring
to the meeting of the BRICS Women’s Business Alliance in New Delhi earlier in the
week, he said he had urged the Alliance to ensure that women-led enterprises participate
in every BRICS exhibition, trade fair and other opportunities that could be encouraged
and supported.
Mr.
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.
As
India moves towards Viksit Bharat 2047, the collective goal that 1.4 billion Indians
have set for themselves to make India a developed nation when the country celebrates
100 years of independence, Mr. Goyal said there is immense potential to deepen cooperation
with BRICS members and partner countries. He expressed hope that the thematic sessions
would lead to constructive and actionable recommendations to further strengthen
intra-BRICS trade and economic cooperation.
Union
Minister of External Affairs Dr. S. Jaishankar in his address said that this year
marks 20 years of institutionalised BRICS cooperation, during which BRICS has evolved
substantially in membership, agenda and mechanisms of cooperation. He said India’s
Chairship has sought to carry this evolution forward through
the theme of resilience, innovation, cooperation and sustainability. He said these
priorities are especially relevant as the global political and economic order undergoes
churn, with volatility, uncertainty and complexity becoming defining features, while
geopolitical conflicts, pandemics, climate-related disruptions, digitisation and
technological advances are reshaping the economic landscape.
Dr.
Jaishankar said resilience has become a key component of the BRICS community, with
the BRICS Business Council and BRICS Women’s Business Alliance playing an important
role in bringing industry, entrepreneurs and business leaders into the BRICS process.
He said supply chain connectivity and trade facilitation have emerged as crucial,
alongside services, agriculture and agritechnology, digital
delivery, MSMEs, startups and women-led enterprises. He stressed the need for greater
self-reliance while remaining connected and competitive through genuine market practices,
dependable logistics, a predictable business environment, diversified commercial
relationships and transparent trade and investment. He also highlighted digital
public infrastructure, artificial intelligence, fintech and advanced manufacturing
as major opportunities, while noting questions of access, standards, security and
trust.
Dr.
Jaishankar said India’s Chairship has sought to strengthen
the innovation and entrepreneurial ecosystem through the BRICS incubator network
and BRICS Startup Innovation Fund, stressing that the benefits must be accessible
across the full spectrum of business communities. He said India’s experience makes
it a natural partner, with a large and growing market, expanding manufacturing capabilities,
deeper pools of talent, digital experience and a dynamic innovation and entrepreneurial
base. As BRICS leaders prepare to meet, he said the Forum’s most useful contribution
would be to bring a clear business perspective to the next phase of BRICS cooperation,
focusing on opportunities, challenges faced by businesses and what governments can
do to address them.
Speaking
at the Opening session Minister of State for Ministry of Commerce & Industry
and Ministry of Electronics & Information Technology Mr. Jitin Prasada highlighted
that BRICS Business Forum provides an opportunity to convert the strength of BRICS
economies into concrete commercial results. He highlighted digital services, particularly
artificial intelligence, as an important area of collaboration, noting its potential
to improve productivity, standard of living, incomes and outcomes for individuals
and MSMEs, while ensuring access to compute, particularly in the Global South.
Mr.
Prasada stressed the need for greater technology exchange and cooperation in AI
while keeping the United Nations at the centre of governance. On semiconductors,
he highlighted India’s Semiconductor Mission 2.0 with a financial outlay of about
USD 13 billion in incentives and called for collaboration to develop the entire
semiconductor ecosystem.
He
also highlighted Digital Public Infrastructure and data centres as areas of cooperation,
including sharing India’s best practices, and called for BRICS countries to co-develop,
co-invest and co-innovate, with greater resources for research and development and
startups to enable young people to access markets across international borders.
Commerce
Secretary Mr. Rajesh Agrawal said that BRICS represents a significant and growing
market, with trade among BRICS countries rising from USD 84 billion in 2003 to nearly
USD 1.2 trillion in 2024.
He
emphasised preserving and revitalising the multilateral trading system with the
WTO at its core and supporting MSMEs through affordable working capital, with the
Jaipur Consensus providing a foundation for exploring a common BRICS mechanism.
Mr.
Agrawal highlighted strengthening global value chains through BRICS Connect, B2B
partnerships, an annual BRICS Trade and Investment Expo, digital trade documentation
and greater sectoral cooperation, including healthcare. He called for stronger economic
integration just under the BRICS Economic Partnership Strategy 2030 through cooperation,
trust, innovation and shared prosperity. Concluding his statement, Mr. Agrawal wished
the BRICS Business Forum every success.