‘Economic diplomacy need of the hour’: Piyush Goyal pushes for simplified trade at BRICS Business Forum

In his keynote speech, Union Commerce and Trade Minister Piyush Goyal welcomed the delegation with folded hands in a traditional ‘namaste’ in the capital, New Delhi, for the Opening Session of the BRICS Business Forum. Highlighting India's role as the "pharmacy of the world," he emphasised "economic diplomacy," as the need of the hour.

Addressing the assembly, he stated, "BRICS today represents almost one-fourth of global trade. India is an important pillar of 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. We see BRICS as an important market for these and other products that India seeks to take to the world as a trusted partner."

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Union Minister Goyal further urged BRICS member states and partner countries to open their markets, streamline regulatory procedures, and expedite consignment clearances.

Also read: BRICS Business Forum begins in New Delhi as focus on trade, AI, finance and energy security. What to expect

Beyond export statistics, the minister framed India’s economic growth as a stabilising force for the Global South. He pointed out that transparent supply chains, digital public infrastructure, and mutual trust must form the core of future economic interactions. By leveraging technologies like India Stack and automated customs interfaces, member nations could drastically cut transaction costs and eliminate operational bottlenecks that historically delayed cross-border commerce.

The minister's call for action resonated strongly with business leaders present in the hall. Representatives from member nations voiced support for developing synchronised trade standards, particularly in healthcare logistics and renewable technology. As global markets face ongoing supply chain realignments, India’s positioning as a resilient manufacturing hub and reliable trade ally gained renewed traction.

Also read: PM Modi calls for 'positive, meaningful' talks ahead of BRICS Summit

Closing his address, Goyal called for a collaborative framework that prioritises equitable growth over protectionism. He invited international delegations to participate directly in India's expanding industrial corridors, emphasising that shared prosperity within BRICS hinges on open channels, clear regulatory pathways, and sustained economic diplomacy.