BRICS Weighs Payment Links and Grain Exchange as Xi Eyes Delhi Summit

1 articles · Updated · The Economic Times · Aug 25

Payment-system links and central bank digital currency interoperability have emerged as the Delhi summit's most concrete agenda, with BRICS focusing on faster cross-border trade in national currencies rather than a common currency.
India's UPI model and similar domestic networks across BRICS make that plan technically feasible, while a Russia-backed grain exchange is also gaining traction as a practical platform for agricultural trade and price discovery.
Xi Jinping's expected India visit is central because BRICS progress has often stalled when India and China clash; a steadier relationship could unlock cooperation on payments, trade facilitation and commodity markets.
U.S. tariffs and wider trade uncertainty have created a limited convergence between Beijing and New Delhi, giving both countries reason to preserve BRICS as a forum where emerging economies hold greater sway.
The broader test for the summit is whether those ideas move beyond declarations into implementation, a hurdle BRICS has struggled to clear since launching the New Development Bank in 2014.