Kathmandu. The BRICS summit in Delhi, India, has started a campaign against the US dollar. Meanwhile, the status of the common BRICS currency has become clear. <\/p>\n
The Indian government has said that there is currently no proposal for such a currency within the group. However, discussions are ongoing among the member countries to organize trade in the local currency and integrate the payment system. This means that the BRICS countries want to reduce their dependence on the US dollar. <\/p>\n
Sudhakar Dalela, Economic Relations Secretary of the Ministry of External Affairs, said that there is no proposal to implement a common currency within BRICS at present. He said, “Discussions have been going on for a long time to organize trade in local currencies among the member countries. \u2019<\/p>\n
According to Dalele, local currency payments are seen as a practical way to reduce the cost of bilateral trade. The aim is to supplement rather than replace the global payment and settlement system. <\/p>\n
Attempt to reduce dependence on dollars<\/strong><\/span><\/p>\n The discussion on promoting trade in the local currency among the BRICS countries has taken place at a time when there is a growing global debate about de-dollarization, the process of reducing dependence on the dollar. The New Delhi Declaration issued at the BRICS Summit also mentions the ongoing discussions on promoting trade and investment agreements in the local currency. <\/p>\n India’s Commerce and Industry Minister Piyush Goyal on September 11 appealed to member countries to integrate their payment systems and increase trade in local currencies at the BRICS Business Forum. Quoting India’s Digital Public Infrastructure and UPI, Goyal said, “UPI is now accepted in 11 countries. BRICS countries should integrate payment systems and promote trade in local currency. \u2019<\/p>\n Why is the U.S. worried? <\/strong> <\/span> <\/p>\n Any attempt within BRICS to distance itself from the dollar is seen as a challenge for the US. US President Donald Trump has already warned the BRICS countries against creating a common currency or supporting an alternative to the dollar. In November 2024, Trump said, “If the BRICS countries create a new currency or support a currency other than the dollar, they may be subject to 100% tariff tariffs.” \u2013 Agency<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. The BRICS summit in Delhi, India, has started a campaign against the US dollar. Meanwhile, the status of the common BRICS currency has become clear. The Indian government has said that there is currently no proposal for such a currency within the group. However, discussions are ongoing among the member countries to organize trade […]<\/p>\n","protected":false},"author":16,"featured_media":261144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-315425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/315425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=315425"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/315425\/revisions"}],"predecessor-version":[{"id":315426,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/315425\/revisions\/315426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/261144"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=315425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=315425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=315425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}