By Woke Joshua
India has clarified that BRICS is not currently considering a proposal to establish a common currency, as the grouping continues to explore local-currency trade settlement to boost economic cooperation among member states.
Secretary (Economic Relations), Shri Sudhakar Dalela, disclosed this during a media briefing on the outcome of the 18th BRICS Leaders’ Summit held in New Delhi.
Dalela said discussions on settling bilateral trade in local currencies had been ongoing for more than 10 years, describing the mechanism as a practical way to reduce transaction costs and improve trade efficiency.
“There is currently no proposal for a common BRICS currency,” he said, explaining that local-currency settlement was being considered as a complement to existing international payment and settlement systems.
He added that the initiative was aimed at increasing intra-BRICS trade, strengthening economic engagement with the global business community and lowering the cost of cross-border transactions.
According to him, discussions were taking place both bilaterally and within the BRICS framework, under the Finance Ministers and Central Bank Governors track.
Consensus Shapes BRICS Decisions
The Indian official described BRICS as an important platform for emerging markets and developing economies, saying its decisions were reached through extensive consultations among member states.
He said sustained engagements involving Sherpas, foreign ministers and national leaders throughout the year contributed to the consensus reflected in the New Delhi Declaration.
Dalela urged stakeholders to study the declaration and its accompanying fact sheet to gain a clearer understanding of the summit’s decisions and future direction.
India Highlights 20-Year BRICS Journey
Recalling the history of the grouping, Dalela said the first BRICS meeting took place on the sidelines of the United Nations General Assembly in New York in 2006.
He said India had issued a commemorative postal stamp to mark BRICS’ 20-year journey.
While declining to predict the grouping’s future direction, he noted that each chairmanship builds on previous achievements while introducing fresh priorities.
India’s presidency focused on “Resilience, Innovation, Cooperation and Sustainability,” with a strong emphasis on people-centred development.
Opposition to Unilateral Tariffs
On global trade measures, Dalela said BRICS maintained that trade-related actions must comply with international law and World Trade Organisation rules.
He said the New Delhi Declaration reaffirmed the grouping’s opposition to unilateral measures that are inconsistent with international obligations.
He added that India’s chairmanship was guided by Prime Minister Narendra Modi’s vision of delivering development outcomes that directly benefit ordinary citizens.
Energy Security and Innovation
Dalela said BRICS members had discussed the economic impact of geopolitical conflicts, particularly tensions in West Asia.
He stressed the importance of uninterrupted global trade, resilient supply chains and reliable energy supplies in accordance with international law.
On innovation, he highlighted the BRICS Incubator Network and a proposed BRICS Startup Innovation Fund as initiatives designed to promote cooperation and entrepreneurship among member states.
India, he said, was keen to deepen innovation partnerships with China and other BRICS countries.
Support for Seafarers, Stronger Anti-Terrorism Position
The official also highlighted India’s proposal for a mechanism to support seafarers in distress, expressing confidence that it would attract broad international backing.
On terrorism, he said BRICS leaders adopted a firm position condemning terrorism in all its forms, including cross-border terrorism.
Dalela said the New Delhi Declaration contained a strong commitment to combating terrorism and strengthening collective security.
The briefing highlighted India’s emphasis on practical economic cooperation, trade facilitation and development-oriented initiatives as BRICS continues to advance the priorities of the Global South.
Key takeaway: India says BRICS has no current plan for a common currency, but continues to examine local-currency trade settlement as a means of reducing transaction costs and strengthening economic cooperation.