No BRICS common currency on the table, local currency trade in focus

BRICS member countries are not working towards a shared currency, with discussions instead centred on settling bilateral trade in local currencies, a senior Ministry of External Affairs official said on Saturday.

"There is no proposal in the BRICS for a BRICS currency, as of now," Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, told reporters during a briefing after the 18th BRICS Summit in New Delhi.

Dalela said trade settlement in local currencies was a long-running subject within the grouping rather than a new one. He described it as a practical mechanism for reducing transaction costs in bilateral trade, and said it was being encouraged as a complement to the existing global payment and settlement system, with the aim of improving overall trade between nations. It was not intended to replace that framework, he added.

The New Delhi Declaration took note of the continuing discussions on promoting trade and investment using BRICS local currencies, while respecting national priorities and acknowledging that no single approach fits all members.

The declaration also recorded the work of the BRICS Payment Task Force, which has been examining cross-border interoperability of payment and messaging channels. It encouraged the task force to keep working towards practical payment solutions that are fast, low-cost, more accessible, efficient, transparent and safe.

According to Dalela, the summit came after eight months of work under India's chairship, during which more than 350 meetings were held across thematic clusters, ministerial meetings, working groups, business sessions and other initiatives.

He said the deliberations also touched on the impact of ongoing conflicts and economic uncertainties, with leaders stressing the importance of dialogue, diplomacy and the peaceful resolution of differences.