No De-Dollarization, BRICS Motive Is Going Too Far, Says India
India reaffirmed on Thursday that they do not align with the BRICS de-dollarization agenda and will not ditch the US dollar for trade and cross-border transactions. The statement comes just a few days after the 17th summit in Brazil, where member nations discussed the future prospects. External Affairs Minister of India, Randhir Jaiswal, confirmed that BRICS member nations discussed settling trade payments in local currencies. However, he stated that there were no talks about the formation of a new BRICS common currency. “De-dollarization is not something which is on the agenda,” he said, assuring that India does not align with BRICS ideology. “Cross-border payments, yes. BRICS have talked about local currencies, but de-dollarization is not something that is there on the agenda,” he said. The remarks come after many developing countries are discussing advancing the de-dollarization initiative. Also Read: The Mighty BRICS Folds Under Pressure India Sides With the US o...