India says de-dollarisation not on it's agenda as Brazil plans BRICS meet

Time of India

2 days ago

We do not want to mess with the dollar, it's important currency. But we can have a currency for trade in BRICS, says Brazilian president
Brazilian President Lula da Silva will host a virtual BRICS summit to discuss responses to Donald Trump's tariffs. This follows Trump's threat of 100% tariffs on BRICS nations pursuing a shared currency. India, a BRICS member, remains in contact with other member countries on matters of shared interest, while Brazil plans to seek recourse through the WTO.
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New Delhi: Brazilian president Luiz Inacio Lula da Silva , in a significant announcement, has stated that he will host a virtual BRICS Summit to hold consultations on the response over Donald Trump's tariffs.This announcement was made recently during a meeting in Brazil. In response, MEA spokesperson Randhir Jaiswal said, "India is a member of the BRICS group. We continue to remain in touch with member countries on issues of shared interest."In another recent remark on BRICS and dollar, Lula said, "We do not want to mess with the dollar, it's an important currency. But we can have a currency for trade in BRICS - it's an idea we have to test."He added, "Not seeking to undermine the dollar, (we) recognise it as an important currency," while maintaining that BRICS should be open to "testing a common trade currency".Jaiswal said New Delhi has already made its position clear on the issue that de-dollarisation is not part of its agenda. These comments were made amid US President's attack on BRICS' attempts at so-called "de-dollarisation".In January 2025, Trump publicly threatened a 100% tariff on BRICS countries if they pursued the creation of a shared currency. "Any attempt by BRICS to form a trade currency that bypasses the dollar will be met with full-scale tariffs. 100% - no exceptions," he had then said.It may be recalled that Brazil hosted the last BRICS Summit in early July and it was decided that BRICS countries will continue discussions on implementing a cross-border payments system.India and Brazil, both BRICS members, have been hit with 50% tariffs-the highest rate Trump has announced.India is hopeful that a US-Russia peace deal could lead to lifting of 25% tariffs imposed on it on account of importing Russian oil that, according to Trump, is fuelling Moscow's "war efforts".Brazil has been hit with 50% tariffs for what Trump has called a "witch hunt" against former president Jair Bolsonaro. Sources told ET that the Trump administration was reportedly involved in an attempted coup attempt against Lula.Lula has also announced that Brazil will seek recourse through the World Trade Organization (WTO) and other formal diplomatic channels. He also confirmed he will not engage directly with Trump.