NEW DELHI: India on Thursday dismissed claims that it is pursuing de-dollarisation within Brics , saying such a move is “not part of India’s financial agenda.”
“We have made our position very clear on this issue earlier as well. De-dollarisation is not part of India’s financial agenda,” MEA spokesperson Randhir Jaiswal said at the weekly media briefing. His remarks followed Brazilian President Luiz Inacio Lula da Silva’s suggestion that Brics nations could explore a trade currency amid rising tensions with the United States over tariffs.
Elaborating on the idea, Lula said it should be tested. “We can discuss in the Brics. There is a need to have a trade currency between us and the Brics. I do not reject it because we must test; if the testing fails, then I would be wrong. But someone has to convince me that I am wrong,” reported PTI, citing Russia Today.
The remarks come amid escalating trade frictions with the US. Last week, US President Donald Trump imposed an additional 25 per cent tariff on Indian goods, taking total duties to 50 per cent over India’s continued purchase of Russian crude oil. He had also announced a 50 per cent tariff on imports from Brazil last month and criticised the trial of former Brazilian President Jair Bolsonaro.
On Lula’s upcoming visit to India, Jaiswal said, “We had gone to Rio to attend the Brics summit. We also paid a state visit to Brasilia. And at that time, the Prime Minister, as is normal in bilateral ties, invited President Lula to visit India at an appropriate time.”
India has emphasised that it will continue engaging with Brics countries on shared interests while safeguarding its economic and strategic priorities. “India is a member of the Brics group, and we continue to remain in touch with member countries to discuss issues of shared interest,” Jaiswal added.
External affairs minister S Jaishankar clarified that India has not actively moved to reduce its reliance on the US dollar. Instead, the focus is on “derisking” trade by diversifying partners, exploring alternative payment systems, and reducing dependence on a single currency.
India has also signed agreements with countries including Russia, the UAE, and the Maldives to settle trades in local currencies, mitigating currency conversion and exchange rate risks. The country opposes a common Brics currency with China and other members due to geographical differences and limited economic integration.
“We have made our position very clear on this issue earlier as well. De-dollarisation is not part of India’s financial agenda,” MEA spokesperson Randhir Jaiswal said at the weekly media briefing. His remarks followed Brazilian President Luiz Inacio Lula da Silva’s suggestion that Brics nations could explore a trade currency amid rising tensions with the United States over tariffs.
Elaborating on the idea, Lula said it should be tested. “We can discuss in the Brics. There is a need to have a trade currency between us and the Brics. I do not reject it because we must test; if the testing fails, then I would be wrong. But someone has to convince me that I am wrong,” reported PTI, citing Russia Today.
The remarks come amid escalating trade frictions with the US. Last week, US President Donald Trump imposed an additional 25 per cent tariff on Indian goods, taking total duties to 50 per cent over India’s continued purchase of Russian crude oil. He had also announced a 50 per cent tariff on imports from Brazil last month and criticised the trial of former Brazilian President Jair Bolsonaro.
On Lula’s upcoming visit to India, Jaiswal said, “We had gone to Rio to attend the Brics summit. We also paid a state visit to Brasilia. And at that time, the Prime Minister, as is normal in bilateral ties, invited President Lula to visit India at an appropriate time.”
India has emphasised that it will continue engaging with Brics countries on shared interests while safeguarding its economic and strategic priorities. “India is a member of the Brics group, and we continue to remain in touch with member countries to discuss issues of shared interest,” Jaiswal added.
External affairs minister S Jaishankar clarified that India has not actively moved to reduce its reliance on the US dollar. Instead, the focus is on “derisking” trade by diversifying partners, exploring alternative payment systems, and reducing dependence on a single currency.
India has also signed agreements with countries including Russia, the UAE, and the Maldives to settle trades in local currencies, mitigating currency conversion and exchange rate risks. The country opposes a common Brics currency with China and other members due to geographical differences and limited economic integration.
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