BRICS Has No Common Currency Proposal, India Says, as Bloc Pushes Local-Currency Trade
Oru Leonard
NEW DELHI —India has disclosed that BRICS currently has no proposal to establish a common currency, as the grouping focuses instead on practical measures to facilitate trade through local-currency settlements and reduce transaction costs.
Briefing journalists on the outcome of the 2026 BRICS Summit, India’s Secretary for Economic Relations, Shri Sudhakar Dalela, said discussions on settling bilateral trade in local currencies had been ongoing for more than a decade and should not be confused with plans for a common BRICS currency.
“Discussion on trade settlement in local currency has been underway for some time. It is not a new subject,” Dalela said.
He explained that local-currency settlement could make cross-border transactions more efficient, lower transaction costs and support increased trade among BRICS members, while complementing existing global payment and settlement systems.
According to Dalela, discussions on local-currency trade and payment mechanisms are taking place both bilaterally and within the BRICS framework. He noted that the issue falls principally under the Finance Ministers and Central Bank Governors track.
Dalela said BRICS remains focused on practical measures capable of expanding intra-BRICS commerce, strengthening engagement with the global business community and promoting economic cooperation among emerging markets and developing economies.
He said the New Delhi Declaration reflected extensive consultations among member states, involving Sherpas, foreign ministers and leaders throughout the year.
The grouping, he added, had reached consensus on a broad range of issues through sustained engagement.
Dalela recalled that the first BRICS meeting took place on the sidelines of the United Nations General Assembly in New York in 2006.
As the grouping marks two decades of cooperation, India has issued a commemorative postal stamp to mark the milestone.
He said each BRICS chairmanship builds on the achievements of previous presidencies while introducing new priorities. India’s 2026 chairmanship was anchored on “Resilience, Innovation, Cooperation and Sustainability”, with an emphasis on people-centred development.
On tariffs and other unilateral trade measures, Dalela said BRICS maintained its position that international trade actions should comply with international law and World Trade Organization rules.
He pointed to the New Delhi Declaration, which expresses opposition to unilateral measures inconsistent with international obligations.
Innovation, Startups and Energy Security
Innovation featured prominently during India’s BRICS chairmanship, with initiatives including the BRICS Incubator Network and a proposed BRICS Startup Innovation Fund.
Dalela said India was interested in deepening innovation cooperation with China and other BRICS members.
On energy security, he said member states had discussed the economic consequences of geopolitical conflicts, stressing the importance of uninterrupted global trade, resilient supply chains and reliable energy supplies in accordance with international law.
India also proposed a mechanism to support seafarers in distress, an initiative Dalela said could attract broad support from BRICS members and other countries.
On terrorism, he said BRICS leaders adopted a clear position condemning terrorism in all its forms, including cross-border terrorism, with the New Delhi Declaration reflecting the bloc’s collective commitment to combating the threat.
The key message from India is clear: BRICS is pursuing practical economic integration rather than a common currency at this stage, with local-currency settlements seen as a tool to reduce transaction costs, expand intra-BRICS trade and strengthen economic cooperation among developing economies.
