Business and government representatives from BRICS countries have called for stronger trade links, connected payment systems and greater cooperation in digital technology.
The proposals were discussed at the BRICS Business Forum held at Bharat Mandapam in New Delhi, India, on Friday, 11 September 2026.
The event took place one day before the start of the 18th BRICS Summit, which is being held in the Indian capital on 12 and 13 September.
The forum brought together government officials, investors, financial institutions, entrepreneurs and business representatives from BRICS member and partner countries. Its discussions are expected to contribute to the wider economic agenda being considered by political leaders at the summit.
Building more resilient trade networks
Trade and supply chains were major subjects at the forum as BRICS countries considered how to strengthen economic cooperation during a period of global uncertainty.
According to the official BRICS Business Forum programme, participants examined regulatory and logistical barriers that affect trade between member countries. They also discussed how their industries could work together more closely.
The aim was to promote more balanced trade while reducing the risks caused by supply disruptions, geopolitical tensions and changing global markets.
India’s Commerce and Industry Minister, Piyush Goyal, called on participating countries to provide greater access to their markets and simplify regulatory procedures.
In a statement published by India’s Press Information Bureau, Goyal said BRICS accounts for nearly one-quarter of global trade. He argued that member and partner countries could benefit from more diversified supply chains and stronger commercial partnerships.
The statement said trade among BRICS countries increased from $84 billion in 2003 to almost $1.2 trillion in 2024.
Digital payments and local currencies
Goyal also urged BRICS countries to connect their national payment systems and expand the use of local currencies in trade.
He highlighted India’s Unified Payments Interface, commonly known as UPI, as an example of digital infrastructure that could support faster cross-border payments. India said the payment system is already accepted in 11 countries.
Connecting national payment platforms could make transactions more efficient and reduce some of the costs and delays businesses face when sending money across borders.
However, the proposals discussed at the forum do not amount to an immediate BRICS payment system or a new common currency. Differences in financial regulations, exchange controls and national economic policies remain important obstacles.
Any wider payment arrangement would require technical coordination and separate approval from participating governments and financial regulators.
Technology takes a central role
The forum also examined how artificial intelligence, financial technology, e-commerce and digital infrastructure could strengthen cooperation among BRICS economies.
A dedicated session focused on expanding digital public infrastructure, supporting technology start-ups and encouraging cross-border digital trade.
India’s Minister of State for Electronics and Information Technology, Jitin Prasada, called for greater cooperation in artificial intelligence and semiconductor production. He said countries should work together on research, investment and innovation while improving access to technology across the Global South.
The programme also considered technology’s role in agriculture, healthcare, education, logistics and professional services.
Participants discussed how digital platforms could help smaller businesses reach international markets. Women-led businesses were given a separate session covering access to finance, digital tools and cross-border partnerships.
African priorities at the forum
Africa’s BRICS members have a direct interest in the discussions, particularly around industrial development, infrastructure and the processing of natural resources.
South African President Cyril Ramaphosa attended the forum before taking part in the leaders’ summit. His office said discussions would cover trade, supply chains, agriculture, the digital economy, innovation and women-led development.
The South African Presidency said the forum plays an important role in shaping the BRICS economic agenda and strengthening cooperation between businesses.
Ramaphosa has argued that developing economies should not remain mainly suppliers of raw materials while manufacturing and value creation take place elsewhere. Greater investment in African processing, industrial capacity, technology and local skills could allow the continent to retain more of the value generated from its resources.
Proposals now move to the summit
The business forum produced recommendations rather than binding decisions. National governments will still determine whether individual proposals are adopted and how they would operate.
BRICS leaders are now meeting in New Delhi as the group faces wider disagreements over global conflicts, trade policy and relations with Western countries.
The Associated Press reports that the summit will also address investment, energy, food security and the use of national currencies in international trade.
For businesses, the main test will be whether the forum’s discussions lead to practical measures that reduce trade barriers, improve payment connections and create genuine opportunities across member countries.
