MEA Highlights 'Shared Interests' In BRICS Ties, Says De-Dollarisation Not On India's Agenda
India stated de-dollarisation isn't part of its financial agenda, responding to Brazilian President Lula's call for a BRICS trade currency.
India on Thursday highlighted its commitment to 'shared interests" in BRICS ties; however, it reaffirmed that de-dollarisation is not part of India's financial agenda.
While addressing a weekly media briefing, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said that New Delhi has already made its position clear on the issue that de-dollarisation is not part of its financial agenda.
The MEA further responded to Brazilian President Luiz Inácio Lula da Silva's request to hold a virtual meeting of the BRICS leaders, saying that India, as a part of the alliance, continues to remain in touch with member countries on issues of shared interest.
India's response came after the Brazilian President pushed for a BRICS trade currency, saying Brazil 'cannot depend on the dollar" and must remain open to testing alternatives for trade among member nations, signalling concerted efforts at pushing back against US President Donald Trump's strong-arm levies that have rattled the global economy.
Lula had proposed that BRICS nations should begin discussions on creating such a shared trade currency, arguing it would reduce global dependence on the US dollar. 'We need to test it," Lula said. 'If it fails, then I was wrong — but someone would have to convince me that I was wrong."
Last month, the MEA reiterated a similar stance on the issue and said that the member states of the BRICS group discussed cross-border payments using local currencies.
India and Brazil, both BRICS members, have been hit with 50% tariffs—the highest rate Trump has announced.
Lula's country has been hit with 50% tariffs for what Trump has called a 'witch hunt" against former President Jair Bolsonaro. In India's case, Trump has accused New Delhi of funding Moscow's 'war machine" in Ukraine by buying Russian oil, though he has been silent on the US and European Union's Russian imports.
While Lula has been a vocal critic of Trump's tariffs, India has stressed that it will take necessary actions to protect the interests of the nation.
The Brazilian President had dialled the BRICS leaders after he turned down his US counterpart's offer to call him anytime to discuss tariffs, saying that he won't speak to the US leader as he 'does not want to talk."
Tensions escalated last month when Trump labelled the BRICS group 'anti-American" and threatened an additional 10% tariff on goods from its member states.
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First Published:
August 14, 2025, 17:34 IST
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