Business · India Bureau
Removing Non-Tariff Barriers Critical for Expanding BRICS Trade
Trade bodies are pushing for streamlined cross-border procedures and currency-based payment systems to unlock greater commercial potential within the BRICS bloc. Faster settlements using national currencies could significantly ease friction for exporters operating across member nations.
LSN India ·
Eliminating non-tariff barriers has emerged as a priority area for unlocking deeper trade integration among BRICS nations, according to industry representatives. While tariff walls have progressively come down across international commerce, procedural obstacles and regulatory inconsistencies continue to hamper business flows between member countries.
Exporters face delays and uncertainties stemming from complex documentation requirements, varying standards, and inefficient clearance processes at borders. These friction points add costs and unpredictability to cross-border transactions, deterring businesses from fully capitalizing on trade opportunities within the bloc.
A modernized payment infrastructure built around individual national currencies could address settlement challenges that currently plague regional commerce. By enabling faster and more predictable cross-border financial flows, such a system would reduce transaction costs and provide exporters with greater certainty in their dealings across BRICS economies.
Industry stakeholders have emphasized that tackling non-tariff barriers requires coordinated effort among member governments to harmonize regulatory frameworks and streamline customs procedures. Such reforms could substantially boost overall trade volumes and help BRICS nations realize their full commercial potential as an integrated economic bloc.