BRICS nations must open markets for each other’s products, ease up clearances: Piyush Goyal

BRICS Summit 2026: Commerce and Industry Minister Piyush Goyal urged the BRICS nations to open their markets for each other’s products. Goyal, speaking at the BRICS Business Forum, also urged BRICS nations to trade in local currencies.

“I urge BRICS member states and partner countries to open their markets while working together to simplify regulatory procedures and facilitate faster clearance of consignments,” he said, adding that BRICS is an important market for the products India seeks to take to the world.

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BRICS represents one-fourth of global trade, he said. “India is an important pillar of the intra-BRICS trade. Engineering goods and electronics account for the largest segment of India's manufactured exports. India is also known as the pharmacy of the world.”

Trade among partners should be deep, resilient and with a diversified supply chain, and that trade must at no point become an impediment to the growth and wellbeing of the members of the bloc, he said. “We should open our markets for each other’s products including for raw materials. Our supply chain should be resilient and must run both ways,” he said.

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The minister also urged BRICS nations to link their respective payment systems, and said that there was high potential to deepen cooperation with each other.