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.
