BRICS Nations Pressed to Simplify Regulations and Speed Up Trade Approvals

Commerce and Industry Minister Piyush Goyal emphasized that BRICS countries must reduce bureaucratic hurdles to facilitate smoother trade flows. He called for faster approval of commercial consignments and a streamlined regulatory environment that encourages cross‑border investment.

State Minister Jitin Prasad added that converting the bloc’s economic strength into tangible business outcomes is critical. Priorities include scaling technology and innovation, creating youth employment, ensuring balanced trade, and elevating service‑sector partnerships.

The statements were made as New Delhi prepares to host the 18th BRICS summit, highlighting the group’s collective representation of 49.5% of the world’s population, 40% of global GDP, and 26% of worldwide trade.