De-dollarisation not on BRICS agenda, India reaffirms stance
"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," MEA Official Spokesperson Randhir Jaiswal told reporters at a weekly media briefing here.
"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," the MEA spokesperson said.
The concept of dedollarisation, which the US administration, particularly the current Trump presidency, sees as a threat to the US dollar's dominance has gained currency in the recent past.
In late 2024, Trump, then the US President-elect, threatened the BRICS nations, including India, with 100 per cent tariffs and called for a clear commitment from these countries to refrain from creating a currency or supporting any other currency to replace the US dollar.
Trump's statement followed a reported proposal by Russian President Vladimir Putin to create a new investment platform for BRICS countries during the BRICS summit in Kazan in October.
After the latest BRICS summit in Brazil, Trump had warned that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10 per cent tariff on goods. On its part, India has initiated rupee-denominated trade with a few countries and, understandably, is in close coordination with several others to fructify such mechanisms.
Further, the MEA spokesperson in his press briefing today providing an update on the India-US bilateral trade agreement front, said that both sides were in touch, but stopped short of hinting any timeline.
"Negotiations are on. 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," Jaiswal said.
A high-level team from Commerce and Industry Ministry arrived in Washington DC, earlier this week for talks. India and the US need to narrow down differences in some sectors and are seeking a win-win pact for both sides.
The Trump administration has deferred imposing additional tariffs on several countries, including India, till August 1, with the two sides now having additional time to negotiate a deal beyond the initial deadline of July 9.
India and the United States have agreed to expand bilateral trade to reach USD 500 billion by 2030, including through the conclusion of a Bilateral Trade Agreement.
Trump hinted on Wednesday (local time) that a long-awaited trade deal with India may be reached soon. "We have another one (deal) coming up, maybe with India... We're in negotiation," President Trump told reporters.
Meanwhile, the MEA spokesperson Jaiswal also touched upon the impending India-EU 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," he said.
The FTA is expected to be finalised by this year's end.
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