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International
India Urges BRICS to Trade in Local Currencies to Boost Economic Resilience
✍️ Hindustan Times
🗓 12 Sep 2026, 10:40 AM
👁 9
India has called on BRICS members to adopt local currency trade to strengthen economic resilience amid global challenges, as stated by External Affairs Minister S. Jaishankar.
India has urged BRICS members to use local currencies for trade, aiming to reduce reliance on the US dollar and enhance economic resilience.
The call was made by External Affairs Minister S. Jaishankar, who emphasized the importance of self‑reliance amid global economic uncertainties.
India argues that local currency transactions can mitigate exchange‑rate volatility and support growth in member economies.
The initiative aligns with India's broader strategy of diversifying trade partners and decreasing exposure to external shocks.
BRICS nations—China, Russia, Brazil, South Africa—are expected to consider the proposal as part of ongoing cooperation.
The call was made by External Affairs Minister S. Jaishankar, who emphasized the importance of self‑reliance amid global economic uncertainties.
India argues that local currency transactions can mitigate exchange‑rate volatility and support growth in member economies.
The initiative aligns with India's broader strategy of diversifying trade partners and decreasing exposure to external shocks.
BRICS nations—China, Russia, Brazil, South Africa—are expected to consider the proposal as part of ongoing cooperation.