India’s Ministry of External Affairs has clarified that there is no proposal to discuss the introduction of a common currency at the BRICS summit currently underway in New Delhi.
The 18th BRICS leaders’ summit began today, with leaders from India, Russia, China, Iran, Brazil, Egypt, Ethiopia, the UAE, Saudi Arabia and Indonesia taking part. On the first day, the “BRICS Delhi Declaration” was adopted.
With discussions covering global peace and stability, expectations had emerged over whether the grouping would take up steps to reduce the dominance and use of the US dollar. BRICS countries have, for years, explored measures often described as “de-dollarisation”.
However, the ministry said the present emphasis is on expanding bilateral trade between member countries using their respective local currencies, rather than pursuing a common currency proposal at this stage.
