Piyush Goyal urges BRICS nations to dismantle trade barriers and link payment systems

Piyush Goyal at Brics Business Forum

NEW DELHI: Commerce and industry minister Piyush Goyal Friday called for dismantling of trade barriers by Brics nations while urging them to link payment systems and trade in each other's local currency. "We should open our markets for each other's products, including raw material and critical minerals. Our supply chains will be resilient when they run both ways, with non-tariff measures imposing higher import costs, in fact much more than the tariffs themselves," the minister said at Brics Business Forum. He called for streamlining regulatory and customs processes while also promoting services trade. "Let us open our services market for each other in the real sense, let professionals move easily across borders and make it easier to recognise each other's professional qualifications," the minister said. The comments come amid several countries holding up visas for Indian professionals and some like China mounting curbs on the export of many items while denying market access to goods from parts of the world. Pointing to initiatives taken by govt in laying out digital public infrastructure, Goyal said, "Today, it (UPI) is also accepted in 11 countries and I would urge Brics member countries and partner countries to link our payment systems, trade in each other's local currencies, make digital trade global and build together for the future emerging technologies."

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External affairs minister S Jaishankar called upon member nations to work towards addressing economic challenges by ensuring transparent trade and investment practices. "The common thread is how to make it easier for businesses in our countries to find more partners, access more markets, connect supply networks and convert complementarities into viable commercial partnerships," the EAM said, while pointing to geopolitical tensions.

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