started · updated
BRICS Business Forum: India calls for reduced trade barriers and local currency use
At the BRICS Business Forum in New Delhi, Indian officials and leaders proposed several initiatives to deepen economic cooperation within the bloc. Prime Minister Narendra Modi urged the BRICS Business Council to identify the top 10 trade barriers among member nations and called for supporting 100 BRICS startups annually to facilitate expansion into new markets. He also emphasized the importance of secure sea lanes and supply routes for global trade.
Commerce and Industry Minister Piyush Goyal advocated for opening markets to each other's products, including raw materials and critical minerals, and simplifying regulatory procedures to reduce non-tariff barriers. Goyal also urged BRICS nations to link their payment systems and increase the use of local currencies in trade, citing India's Unified Payments Interface (UPI) as a successful model currently accepted in 11 countries.
Additionally, Goyal and other leaders emphasized the role of women in the economy. Goyal called for expanded opportunities for women-led enterprises by improving access to credit and markets, noting that approximately 100 million rural women in India are members of nine million self-help groups. External Affairs Minister S. Jaishankar noted that the grouping is marking 20 years of institutionalized cooperation.
Entities
ASEAN-India Trade in Goods Agreement · Anton Alikhanov · BRICS · India · Narendra Modi · National Industrial Corridor Development Corporation Limited · Piyush Goyal · S. Jaishankar · Suphajee Suthumpun · Thailand
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Approximately 100 million rural women in India are members of nine million self-help groups. hindi.asianetnews.com · www.socialnews.xyz · theindianawaaz.com
- [● 2 SOURCES] India and Thailand discussed strengthening bilateral trade, investment, and the ASEAN-India Trade in Goods Agreement. www.orissapost.com
- [● 2 SOURCES] India and Russia explored industrial cooperation and manufacturing investment at INNOPROM India 2026. bizrapidx.com · indiashippingnews.com
- [● 8 SOURCES] Goyal proposed that BRICS members simplify regulatory procedures to deepen intra-group trade. www.dtnext.in · navabharat.com · www.swatantraawaz.com · www.therightnews.in · odishabytes.com · +2 more
- [● 4 SOURCES] Goyal called for BRICS to expand opportunities for women-led enterprises by improving access to credit and markets. hindi.asianetnews.com · www.socialnews.xyz · theindianawaaz.com
- [● 4 SOURCES] India's Unified Payments Interface (UPI) is currently accepted in 11 countries. www.dtnext.in · www.tv9hindi.com · odishabytes.com
- [● 5 SOURCES] Piyush Goyal urged BRICS nations to link payment systems and increase trade using local currencies. www.dtnext.in · www.tv9hindi.com · odishabytes.com · www.aajtak.in
- [● 2 SOURCES] External Affairs Minister S. Jaishankar noted that this year marks 20 years of institutionalized cooperation for BRICS. navabharat.com · www.therightnews.in
- [○ 1 SOURCE] Prime Minister Modi called for supporting 100 BRICS startups annually to expand into other member markets. desitalkchicago.com
- [○ 1 SOURCE] Prime Minister Modi urged the BRICS Business Council to identify the top 10 trade barriers among member nations. desitalkchicago.com