India Dismisses De-Dollarisation Agenda at BRICS Amid Trade Talks

India clarified the BRICS grouping's stance on de-dollarisation, stating that it is not currently on the agenda. Instead, focus remains on cross-border payments in local currencies. The statement comes amid ongoing trade negotiations between India and the US, aiming for a more comprehensive bilateral trade agreement.

In a recent statement, India underscored that de-dollarisation is not included in BRICS's agenda, emphasizing instead the importance of cross-border payments using local currencies. This clarification was shared by MEA Official Spokesperson Randhir Jaiswal during a routine media briefing, following a successful BRICS summit.

The concept of de-dollarisation has been perceived as a threat to the US dollar's dominance, particularly during President Trump's tenure. In 2024, as President-elect, Trump warned BRICS nations of potential tariffs if they supported a currency other than the US dollar. These remarks came after a proposal by Russian President Putin for a BRICS investment platform.

Despite these tensions, India has initiated trade deals denominated in rupees with select countries. On the bilateral front, India and the US are in discussions to finalize a trade agreement, aiming to expand bilateral trade to USD 500 billion by 2030. Talks with the EU regarding a Free Trade Agreement are also progressing smoothly, expected to conclude by year-end.

(With inputs from agencies.)