New Delhi, September 12, 2026 (Yes Punjab News)
The Ministry of External Affairs (MEA) on Saturday clarified that there is no proposal for a common BRICS currency “as of now”, while discussions on using local currencies for trade among member countries have been underway for some time.
Addressing a press briefing, MEA Secretary, Economic Relations, Sudhakar Dalela, said, “There is no proposal in the BRICS for a BRICS currency as of now.”
He said discussions on trade in local currencies had been continuing and described local-currency settlement as a practical mechanism to reduce transaction costs in bilateral trade.
“We 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,” Dalela said.
He also highlighted key outcomes of India’s BRICS chairship, including the BRICS MSME cooperation portal, cooperation on global value chains and logistics frameworks. Cooperation on digital public infrastructure (DPI), a science and research repository and collaboration on startups were also among the key areas of focus.
Dalela said India’s year-long BRICS chairship had witnessed robust participation, with more than 350 meetings held across over 30 cities in what he described as a “whole-of-nation effort”.
He said the BRICS Summit produced 150 practical outcomes across four pillars, with strengthening food and health security and cooperation on mental health among the important highlights.
The BRICS grouping of emerging economies on Saturday unanimously adopted the New Delhi Declaration, expressing serious concern over the growing use of unilateral tariffs and non-tariff measures that distort trade and are inconsistent with World Trade Organisation (WTO) rules.
The grouping reaffirmed its “unwavering support” for reform of the WTO and for strengthening an open, equitable, transparent, fair, inclusive, predictable and rules-based multilateral trading system with the WTO at its core.
Reflecting the aspirations of the Global South for greater integration into the multilateral trading system, the declaration supported Ethiopia and Iran’s bids to join the WTO. It also acknowledged China’s expansion of zero-tariff treatment to 53 African countries with which it has diplomatic relations.
Union 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 currencies.
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