BRICS currency: No proposal ‘as of now’, discussions on local currency trade underway, says MEA

There is no proposal for a BRICS currency as of now while discussions on trade in local currencies have been underway for some time the Ministry of External Affairs MEA said on SaturdayIn a press briefing MEAs Secretary Economic Relations Sudhakar Dalela said There is no proposal in the BRICS for a BRICS currency as of nowDelhi Secretary Economic Relations in the Ministry of External Affairs Sudhakar Dalela says I would like to say that there is no proposal in BRICS for a BRICS currency as of now And I would like to say that all these questions about trade in local currency and other paymenthellip pictwittercomZjrrvIPirsmdash IANS ians_india September 12 2026Discussions on trade in local currencies have been underway for some time he saidWe believe local currency settlement is a practical mechanism to reduce transaction costs in bilateral trade This has been encouraged as complementary to the global payment and settlement system improving overall global trade across nations he saidThe mechanism can help reduce transaction costs in bilateral trade and is being encouraged as a complement to the global payment systemDalela further stated that the lsquoBRICS MSMErsquo cooperation portal cooperation on global value chains and logistics frameworks were among the key highlights during the BRICS SummitHe said that BRICS cooperation on DPI a science and research repository and collaboration on startups were also the key highlightsDalela said it had been a year of robust participation and engagement with more than 350 meetings held under Indias BRICS chair He described it as a wholeofnation effort with BRICS engagement taking place in more than 30 cities across the countryHe further informed that there were 150 practical outcomes across four pillars from the BRICS SummitStrengthening food and health security and BRICS cooperation on mental health were some of the important highlights he saidThe BRICS group of emerging economies on Saturday unanimously adopted the New Delhi Declaration in which it voiced serious concern over the rise of unilateral tariffs and nontariff measures that distort trade and are inconsistent with the rules of the World Trade Organisation WTOThe BRICS nations reaffirmed their unwavering support for reform of the World Trade Organisation WTO and to strengthening a nondiscriminatory open equitable transparent fair inclusive predictable and rulesbased multilateral trading system with the WTO at its coreEchoing the aspirations of the Global South to fully integrate into the multilateral trading system the declaration strongly supports Ethiopia and Iranrsquos bid for accession to the WTO It acknowledges China for expanding its zerotariff treatment to cover 53 African countries with which it has diplomatic tiesUnion Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member and partner countries to deepen economic cooperation by opening markets simplifying regulatory procedures linking payment systems and promoting trade in local currenciesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever