BRICS Ties Need To Move Beyond Dialogue, Deliver Tangible Benefits For Indian Businesses: PHDCCI

New Delhi: India should use the 18th BRICS Summit to deepen economic ties with emerging markets and turn cooperation among member nations into measurable trade and investment benefits for Indian companies, the PHD Chamber of Commerce and Industry (PHDCCI) said.

PHDCCI President Rajeev Juneja said BRICS' effectiveness should be judged by whether it makes cross-border trade and investment cheaper, quicker and simpler for businesses.

Mechanism to Tackle Trade Barriers

PHDCCI proposed a BRICS Trade Barriers Resolution Mechanism to address customs procedures, documentation, standards and regulatory hurdles faced by companies.

Such a platform could allow businesses to report trade barriers, refer them to relevant authorities and monitor their resolution.

The industry body also backed greater use of national currencies, including the Indian rupee, for cross-border trade settlements.

Juneja said stronger banking channels and settlement mechanisms would be required. The objective should be to offer businesses more payment options rather than establish a single BRICS currency.

UPI Could Support Cross-Border Trade

PHDCCI called for wider use of India's Unified Payments Interface (UPI) for international transactions.

Linking payment systems across BRICS countries through interoperable QR codes, faster transfers and common technical standards could particularly benefit small exporters and service providers.

Easier Finance for SMEs

Access to trade finance should also become a priority. PHDCCI suggested building on the Jaipur Consensus to facilitate invoice financing and trade finance, including possible links with India's Trade Receivables Discounting System (TReDS).

The chamber also sought greater cooperation on product standards and certifications.

Sector-specific recognition arrangements covering pharmaceuticals, engineering goods, automobiles, electronics, food processing, chemicals, textiles and medical devices could reduce duplicate testing and approval costs.

PHDCCI said such measures could turn broader BRICS economic cooperation into practical advantages for Indian exporters, SMEs and other businesses seeking opportunities across emerging markets.