New Delhi, September 12 (Daily Kiran) : The Ministry of External Affairs (MEA) clarified on Saturday that there is no current proposal for a shared BRICS currency. However, discussions aimed at promoting trade and payment settlements in local currencies among BRICS nations have been ongoing and are seen as a practical measure to reduce bilateral trade costs.
During a press briefing held at the BRICS summit, Sudhakar Dalela, Secretary for Economic Relations at the MEA, stated that no formal proposal for a shared currency exists within BRICS at this time. He emphasized that the topic of trade settlements in local currencies is not new and has been under discussion for over a decade.
Dalela noted that engaging in trade using local currencies could lower costs for bilateral transactions and serve as a complement to the global payment and settlement system. He stressed that the aim is not to create an alternative to the existing global financial system, but rather to make trade more convenient, cost-effective, and efficient.
According to the MEA, the primary goal of discussions among BRICS nations is not to establish a shared currency, but to enhance intra-BRICS trade, improve payment systems, and reduce transaction costs for businesses. Member countries are working to develop mechanisms through bilateral and multilateral frameworks that facilitate trade and investment.
He also mentioned that discussions regarding local currency trade and payment systems are ongoing at the level of finance ministers and central bank governors, with various aspects being studied.
Dalela highlighted several achievements during India’s presidency of BRICS this year, including initiatives like the MSME cooperation portal, global value chain collaboration, logistics framework, digital public infrastructure (DPI), science and research repository, and startup cooperation.
He reported that over 350 meetings were held, with various BRICS events taking place in more than 30 Indian cities, describing it as a “nationwide effort.”
Under India’s presidency, BRICS has achieved nearly 150 practical outcomes across four key pillars, including food security, health security, mental health cooperation, innovation, sustainable development, and advancing the priorities of the Global South.
The Secretary of the MEA stated that the New Delhi Declaration places significant importance on development-centered cooperation, aligning with the priorities of African, Asian, and other Global South countries. India has also made efforts to share its development experiences and expertise with other developing nations.
Dalela noted that 22 ministerial tracks under BRICS are actively working, with discussions on enhancing cooperation across nearly every sector. He pointed out that the effective participation of member countries in all meetings reflects their trust in India.
Meanwhile, BRICS members unanimously adopted the New Delhi Declaration 2026, expressing serious concerns about unilateral tariffs and non-tariff barriers. The member nations stated that such policies distort global trade and do not comply with World Trade Organization (WTO) rules.
The declaration reiterated support for an open, transparent, fair, inclusive, and rules-based multilateral trading system centered on the WTO, and also supported the membership bids of Ethiopia and Iran in the WTO.
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