By Faith Anisiobi, The Sight News
India has clarified that there is currently no proposal within BRICS to establish a common currency, saying discussions among member countries are instead focused on facilitating trade through local currencies.
Secretary (Economic Relations), Shri Sudhakar Dalela, disclosed this while briefing the media on the outcome of the 2026 BRICS Summit.
Dalela said discussions on local-currency trade settlements had been ongoing for more than a decade and were aimed at reducing transaction costs and improving the efficiency of bilateral trade.
“Discussion on trade settlement in local currency has been underway for some time. It is not a new subject,” he said.
According to him, local-currency settlement arrangements could complement existing global payment and settlement systems while promoting greater economic engagement among BRICS members.
He explained that discussions were being pursued both bilaterally and within the BRICS framework, with the Finance Ministers and Central Bank Governors track responsible for advancing work on financial and payment mechanisms.
Dalela said the broader objective was to increase intra-BRICS trade, deepen engagement with the global business community and lower transaction costs.
The Indian official described BRICS as a major grouping of emerging markets and developing economies, noting that consensus on global issues was achieved through extensive consultations involving Sherpas, foreign ministers and leaders.
He said sustained engagement among member states throughout the year enabled the bloc to reach a broad consensus reflected in the New Delhi Declaration.
Dalela recalled that the first BRICS meeting was held on the sidelines of the United Nations General Assembly in New York in 2006.
To commemorate the grouping’s 20-year journey, India issued a commemorative postal stamp.
He said each BRICS chairmanship builds on the work of previous presidents while introducing new priorities, adding that India’s chairship focused on “Resilience, Innovation, Cooperation and Sustainability” with a strong people-centric approach.
On unilateral tariffs and coercive trade measures, Dalela said BRICS had maintained a consistent position that trade-related actions should comply with international law and World Trade Organization rules.
He said the New Delhi Declaration reaffirmed the bloc’s opposition to unilateral measures inconsistent with international obligations.
Dalela also highlighted BRICS discussions on the economic consequences of geopolitical conflicts, particularly concerns over energy supplies and supply-chain disruptions.
He said member states supported smooth global trade flows, resilient supply chains and reliable energy supplies in accordance with international law.
On innovation, he cited initiatives including the BRICS Incubator Network and a proposed BRICS Startup Innovation Fund, saying India was interested in deepening innovation cooperation with China and other BRICS members.
He also highlighted India’s proposal for a mechanism to support seafarers in distress, expressing confidence that it would receive broad support.
On terrorism, Dalela said BRICS leaders had adopted a clear and unequivocal position condemning terrorism in all its forms, including cross-border terrorism.
He said the New Delhi Declaration reflected the collective commitment of member states to combating the threat
The official said India’s BRICS presidency ultimately sought to deliver practical, people-centred and development-oriented outcomes, with the New Delhi Declaration providing a broad framework for continued cooperation.
The clarification means that while BRICS continues to explore local-currency trade settlements as a means of lowering costs and facilitating commerce, there is currently no proposal for a common BRICS currency.
