BRICS Summit 2026: India Pushes for Digital Trade and Local Currencies
At the BRICS Business Forum, Commerce Minister Piyush Goyal emphasizes the need for integrated payment systems and local currency trade among member nations.
Piyush Goyal advocates for linking payment systems and enhancing digital trade at the BRICS Business Forum.
India's Unified Payments Interface (UPI) has surpassed 250 billion transactions annually and is accepted in 11 countries.
The 18th BRICS Leaders' Summit will take place in New Delhi on September 12-13, 2026.
During the BRICS Business Forum held on September 11, 2026, in New Delhi, Commerce and Industry Minister Piyush Goyal urged member nations to connect their payment systems and promote trade in local currencies. This initiative aims to enhance global digital trade accessibility. Goyal highlighted India's significant advancements in digital public infrastructure, particularly the Unified Payments Interface (UPI), which has recorded over 250 billion transactions annually, accounting for more than half of the global transaction volume.
Goyal's remarks came as India prepares to host the 18th BRICS Leaders' Summit on September 12-13, 2026. The summit is taking place amid rising global economic challenges, including the ongoing Russia-Ukraine conflict and tensions in the Middle East. Goyal emphasized the importance of collaboration among BRICS nations to create jobs and foster prosperity, noting that the group represents nearly half of the world's population and 40% of global GDP.
In addition to the discussions on trade and finance, the summit has prompted significant preparations in New Delhi, including beautification efforts and enhanced security measures around the Bharat Mandapam venue. The New Delhi Municipal Council has implemented decorative lighting and signage to welcome delegates, while security has been tightened to ensure a smooth event.
The BRICS summit is expected to address key issues affecting member countries and explore strategies for enhancing cooperation in various sectors. As leaders gather, the focus will be on building resilience and fostering innovation in a rapidly changing global landscape. The summit is also seen as an opportunity for India to strengthen its role within the BRICS framework and enhance its influence on the global stage.
Looking ahead, the BRICS Leaders' Summit will feature discussions on critical global issues, with leaders expected to share insights on enhancing intra-BRICS cooperation. The outcomes of this summit could shape future collaborations and set the tone for international relations among the member states. As the event approaches, logistical arrangements, including early Metro services and traffic management, are being implemented to facilitate smooth travel for attendees and the public alike.
