&imwidth=800&imheight=600&format=webp&quality=medium "Common BRICS currency not on cards ‘as of now’: MEA backs local currency settlement")
Amid growing chatter over the possibility of BRICS countries launching a common currency, India on Saturday (Sept 12) made it clear that no such proposal is currently under consideration by the grouping.
Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, said BRICS members are instead continuing discussions on settling bilateral trade in local currencies to lower transaction costs.
“There is no proposal in the BRICS for a BRICS currency, as of now,” Dalela said while briefing the media after the 18th BRICS Summit in New Delhi.
His remarks came as BRICS countries continued efforts to strengthen cross-border payment mechanisms and make trade between member nations more efficient. While the grouping is exploring greater use of local currencies for trade settlements, the discussions do not currently involve creating a single BRICS currency.
BRICS focuses on local currency trade settlements
Dalela said discussions on settling trade in local currencies have been taking place within BRICS for some time and are not a new initiative.
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“Discussion on trade settlement in local currency has been underway for some time in BRICS; it's not a new subject,” he said.
He described local currency settlement as a practical option for bilateral trade that could help reduce transaction costs. However, he stressed that the mechanism is not intended to replace the existing global payment and settlement framework.
“We believe local currency settlement is a practical mechanism to reduce transaction cost in bilateral trade. This has been encouraged as complementary to global payment and settlement system, improving overall global trade across nations,” Dalela said.
The New Delhi Declaration backed continued work on trade settlements and investments using BRICS local currencies, while recognising national priorities and the absence of a one-size-fits-all approach. It also said the BRICS Payment Task Force is examining the interoperability of cross-border payment and messaging channels and encouraged it to develop solutions that are “fast, low-cost, more accessible, efficient, transparent, and safe.”
Beyond payments, the declaration outlined several other economic initiatives, including the New Investment Platform, the Multilateral Guarantees initiative, a proposed Insurance Resilience Centre and a Risk Lab at GIFT City. It also referred to amendments to the CRA treaty, greater tax and customs cooperation, and measures to strengthen financing for MSMEs, including the Jaipur Consensus on invoice discounting.
The grouping also highlighted cooperation in Special Economic Zones and global value chains, while noting the expanding role of the New Development Bank in supporting BRICS countries.
