BRICS nations must lower trade barriers, India's Goyal says

India's Minister of Commerce and Industry Piyush Goyal has urged BRICS nations to pursue greater market openness and address non-tariff barriers that constrain trade among member states. Speaking on the bloc's trade agenda, Goyal advocated for reduced protectionist measures that impede the movement of goods and services across BRICS economies.

Goyal highlighted India's digital public infrastructure achievements as a blueprint for broader economic cooperation within the grouping. He pointed to the Unified Payments Interface (UPI), India's real-time digital payment system, as a case study in financial innovation. The platform has scaled rapidly, now processing more than 250 billion transactions annually, demonstrating the potential for technology-driven financial inclusion at scale.

The minister's remarks underline India's push to deepen economic integration within BRICS, which comprises Brazil, Russia, India, China, and South Africa. Reducing tariff and non-tariff barriers could unlock greater trade flows among the five nations, though significant challenges persist owing to competing economic interests and geopolitical considerations.

India has previously championed the adoption of digital solutions to streamline cross-border transactions within emerging market blocs. The emphasis on replicating India's fintech model suggests New Delhi views technological standardization as a pragmatic pathway to enhanced regional trade efficiency and financial cooperation among BRICS members.