MEA Confirms No BRICS Currency Proposal Exists
India’s Ministry of External Affairs stated there is no proposal for a common BRICS currency, while local currency settlements remain a priority.
The Ministry of External Affairs confirmed that no proposal for a common BRICS currency exists at present. This clarification came during a press briefing in New Delhi on Saturday. The statement directly addresses speculation regarding a unified digital asset for the bloc.
Officials emphasized that discussions on trade in local currencies have been ongoing for some time. These settlements are viewed as a practical mechanism to reduce transaction costs in bilateral trade. The approach is designed to complement, not replace, the existing global payment system.
Local currency settlements reduce costs
Sudhakar Dalela, Secretary of Economic Relations at the MEA, detailed the benefits of local currency usage. He noted that this method improves overall global trade across nations. The strategy aims to lower financial friction between member economies.
Union Commerce Minister Piyush Goyal reinforced this stance on Friday. He called on BRICS partners to link payment systems and promote local currency trade. This aligns with the broader goal of simplifying regulatory procedures and opening markets.
Summit yields 150 practical outcomes
The BRICS Summit produced 150 practical outcomes across four pillars. These include a cooperation portal for small and medium enterprises. Logistics frameworks and global value chain cooperation were also highlighted as key achievements.
India’s chair year saw more than 350 meetings held under the BRICS umbrella. Engagement took place in over 30 cities across the country. Officials described this as a whole-of-nation effort to drive participation.
Declaration opposes unilateral trade barriers
BRICS nations unanimously adopted the New Delhi Declaration on Saturday. The document voices serious concern over the rise of unilateral tariffs. It criticizes non-tariff measures that distort trade and violate World Trade Organisation rules.
The declaration reaffirms support for WTO reform and a rules-based multilateral system. It strongly supports Ethiopia and Iran’s bids for WTO accession. China’s expansion of zero-tariff treatment to 53 African countries was also acknowledged, as reported by GN markets/fx (en-US).
