The upcoming BRICS Leaders' Summit, hosted by India in New Delhi on September 12 and 13, 2026, is set to focus heavily on enhancing economic cooperation among its 11 member nations. Key agenda items include advancing cross-border digital payments, boosting intra-bloc trade, and exploring alternatives to the US dollar for international transactions.
India Pushes for UPI Integration and Local Currency Settlements
India is particularly keen on promoting the cross-border application of its successful Unified Payments Interface (UPI) system. This initiative is part of a broader effort by BRICS countries to reduce dependence on the US dollar and the global SWIFT payment network, fostering greater financial autonomy through local currency settlements.
The BRICS bloc comprises Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates. These emerging markets and developing nations are actively seeking ways to streamline trade and financial flows within the group.
Boosting Intra-Bloc Trade and Addressing Imbalances
A report by Global Trade Research India (GTRI) highlights the significant trade volume within BRICS, noting that member countries export approximately $1.1 trillion to one another, accounting for 18.8% of their combined global exports. Imports among BRICS members stand even higher at $1.4 trillion, representing 29.5% of their global imports. This indicates BRICS plays a more crucial role as a source of imports than as an export market for its members.
For India, a primary concern is correcting a growing trade imbalance. While BRICS is an increasingly important source for machinery, industrial inputs, energy, and commodities, it does not absorb a comparable share of Indian exports. GTRI recommends that India seek improved market access in countries like China, Russia, and Indonesia, address non-tariff barriers, promote higher-value exports, and diversify its supplier base within the bloc.
Industry Calls for Simplified Trade and Payments
The PHD Chamber of Commerce and Industry (PHDCCI) emphasizes that the summit presents a crucial opportunity to enhance India's economic engagement with these burgeoning markets. Rajeev Juneja, President of PHDCCI, stressed the need for a system to dismantle trade barriers, which often complicate cross-border transactions with varying customs rules, paperwork, standards, and regulations.
“For business the success of BRICS should finally be measured by whether it makes cross-border trade and investment cheaper and simpler,” a PHDCCI statement noted.
Furthermore, PHDCCI advocates for making it easier to use local currencies, including the Indian Rupee, for trade settlements to lower costs and mitigate payment risks. Integrating digital payment systems like UPI into cross-border transactions is seen as a vital step towards achieving this simplification and efficiency.