As the 2026 BRICS Summit comes to a close, India has made it clear there is no plan to develop a common currency within BRICS, as the member nations hold talks on how to use local currencies to facilitate trade and lower transaction costs.
Secretary (Economic Relations) Shri Sudhakar Dalela briefed the media on the outcome of the 26th BRICS Summit and said that talks on local-currency trade settlements were underway for over a decade.
The discussion of the trade settlement in local currency has been going on for some time. It’s not a new topic,” said Dalela
He said local-currency settlement is under discussion as a viable method for conducting bilateral trade more efficiently, cutting down on transaction costs and boosting trade between the BRICS countries.
Bilateral talks are underway as well as under the framework of BRICS, it is in the track of the Finance Ministers and Central Bank Governors, according to Dalela.
He emphasized that the project is not designed to supplant the international payment and settlement system, but to make it available as an alternative choice to help trade between members countries.
BRICS Focuses on Trade and Global South Cooperation.
BRICS was a significant gathering of emerging markets and developing economies, and they achieve consensus on key issues by means of continuous consultations with the Sherpas, foreign ministers and national leaders, Dalela said.
This comprehensive involvement during India’s chairship facilitated in achieving consensus on a wide range of issues as featured in the New Delhi Declaration, he said.
The official also stressed the path of development of BRICS for 20 years, as the first BRICS meeting was held on the sidelines of the UN General Assembly in New York in 2006.
India commemorated the event by releasing a commemorative postal stamp.
Each BRICS chairship is an addition to the work done by the previous presidencies with new agendas, Dalela said.
The chairship of India was dedicated to “Resilience, Innovation, Cooperation and Sustainability” with a focus on people-centred development.
BRICS Opposes Unilateral Trade Measures.
On tariffs and other unilateral trade actions, Dalela stated BRICS believes that trade-related actions should respect international law and the rules of the World Trade Organization.
He cited the New Delhi Declaration in which the document opposed taking unilateral steps, which are inconsistent with international obligations.
Energy, Supply Chains and Innovation
The summit also discussed the effects of geopolitical tensions on energy security and the global supply chain.
The members of the BRICS countries have backed uninterrupted flow of trade, resilient supply chains, and stable energy supplies, in line with international law, said Dalela.
India’s chairmanship had been another major focus on innovation with Dalela mentioning the BRICS Incubator Network and a proposed BRICS Startup Innovation Fund.
He stated that India is keen on deepening innovation cooperation with China and the other BRICS countries.
India also suggested a mechanism to assist distressed seafarers, which could be supported by all the BRICS member nations and other nations, said Dalela.
BRICS Reaffirms Stand Against Terrorism
BRICS leaders took a firm stance on terrorism, condemning it in all its forms, including cross-border terrorism, on this issue, Dalela said.
The New Delhi Declaration is a message of their collective resolve to fight terrorism and to enhance international cooperation to meet the threat, he said.
In general, India explained that the agenda of the BRICS continues to be driven by pragmatic economic cooperation, such as to promote trade, lower transaction costs and strengthen economic cooperation between the developing countries.
While local-currency trade settlement remains under discussion, India said there is currently no proposal for a common BRICS currency.
Coined from Media 360
