Union Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member states to open their markets to each other and address non-tariff barriers, saying such measures often impose higher costs on trade than tariffs themselves.
Speaking at the BRICS Business Forum in New Delhi, Goyal said trade among partner countries should be "deep, resilient, with diversified supply chains," and should never become an impediment to growth or the well-being of citizens in member states.
Delhi: Speaking at the BRICS Business Forum, Union Minister Piyush Goyal says, "...We believe trade amongst partners should be deep, resilient, with diversified supply chains, and ensuring that at no point of time trade becomes an impediment to growth and the well-being of the… pic.twitter.com/BnvZpkOVmj
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— IANS (@ians_india) September 11, 2026
"We should open our markets for each other's products, including for raw materials and critical minerals. Our supply chains will be resilient when they run both ways," he said.
He noted that non-tariff measures were imposing significantly higher export costs than tariffs for 88% of countries, and urged BRICS members and partner countries to simplify regulatory procedures and speed up clearance of consignments.
Goyal highlighted India's digital public infrastructure as a model for the bloc, pointing to the Unified Payments Interface, which he said now processes over 250 billion transactions annually — more than half of global transaction volume by count — and is already accepted in 11 countries.
Delhi: Speaking at the BRICS Business Forum, Union Minister Piyush Goyal says, "Trade fairs and other opportunities which we can all encourage and support. India has taken significant initiatives in laying out a digital public infrastructure. In fact, our Unified Payment… pic.twitter.com/PNrbBgq6aC
— IANS (@ians_india) September 11, 2026
He urged BRICS nations to link payment systems, trade in local currencies, and build shared capabilities in agriculture, pharmaceuticals, engineering, electronics, automobiles and startups.
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Describing BRICS as representing nearly a fourth of global trade, Goyal said India was an important pillar of intra-BRICS commerce, with engineering goods and electronics forming the largest share of the country's manufactured exports.
#WATCH | BRICS Summit 2026 | Speaking at BRICS Business Forum, Union Commerce and Industry Minister Piyush Goyal says, "It requires all of us to work together to translate our work into jobs for our people, wealth and prosperity for BRICS member states, which represent half of… pic.twitter.com/xzUHLfkOzM
— ANI (@ANI) September 11, 2026
He added that India, known as the "pharmacy of the world," viewed the bloc as a key market and trusted partner for such products.
Goyal also welcomed Russian Minister of Economic Development Maxim Reshetnikov to India and thanked External Affairs Minister S. Jaishankar for attending the forum, saying his presence "demonstrates loud and clear the importance of economic diplomacy" at a time when the world faces significant challenges.
#WATCH | BRICS Summit 2026 | Speaking at BRICS Business Forum, Union Commerce and Industry Minister Piyush Goyal says, "BRICS today represents almost one-fourth of global trade. India is an important pillar of the intra-bricks trade. Engineering goods and electronics account for… pic.twitter.com/VuyGAhNtj6
— ANI (@ANI) September 11, 2026
He said he hoped the forum would produce outcomes that would help member countries deepen business ties. BRICS nations, he noted, together represent half of humanity and 40% of global GDP, underlining the scale of the opportunity businesses across the bloc could tap by working together.
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