'De-dollarisation not on agenda': India rebuffs Brics currency conspiracy claims; exploring cross-border rupee use
India on Thursday reaffirmed that de-dollarisation is not part of the Brics agenda, and that the member nations are only discussing cross-border payments using local currencies.
At a weekly media briefing, ministry of external affairs (MEA) spokesperson Randhir Jaiswal said, as quoted by ANI, 'We had a highly successful Brics summit...In the joint statement, there are several aspects that have been fleshed out that strengthen the Brics platform.'
'De-dollarisation is not something which is on the agenda. Cross-border payments, yes, Brics have talked about local currencies, but de-dollarisation is not something that is there on the agenda,' he added.
The remarks come at a time when global discussions on de-dollarisation, the reduction of dependence on the US dollar, are gaining traction. The concept has been viewed as a threat by the Donald Trump administration, which sees it as an effort to undermine the dollar's dominance.
In late 2024, Trump threatened Brics nations, including India, with 100% tariffs, demanding they steer clear of any attempts to replace the US dollar.
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The warning followed a reported proposal by Russian President Vladimir Putin to create a new Brics investment platform at the Kazan summit in October.
Following the 2025 Brics summit in Brazil, Trump warned that any country supporting the 'Anti-American policies of Brics' would face an additional 10% tariff on goods.
India has already initiated rupee-denominated trade with some partner countries and is working with others to expand such mechanisms.
These moves aim to facilitate smoother cross-border payments without displacing the dollar.
India-US trade talks ongoing
On the India-US trade agreement, Jaiswal confirmed that negotiations are underway. 'Both sides are in touch with each other, they are trying to iron out issues. Once we have a conclusion of the agreement, we will obviously make it public,' he said as reported by ANI.
A high-level team from India's commerce and industry ministry is currently in Washington DC for discussions.
The Trump administration has deferred additional tariffs on India and other countries until August 1, extending the deadline from the original July 9 to allow more time for a bilateral trade deal.
India and the US have committed to expanding bilateral trade to $500 billion by 2030, and the agreement in progress is expected to be a key milestone.
India-EU FTA talks progress
Jaiswal also provided an update on the India-European Union Free Trade Agreement (FTA). 'The talks are progressing very well. The last round, the 12th round, happened in Brussels from July 7-11, and the next round of talks is scheduled to be held in September in New Delhi,' said Jaiswal.
The India-EU FTA is expected to be finalised by the end of this year, further strengthening India's international trade partnerships.
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