BRICS+ Expansion Could Put About 40% of India’s Trade Under Local-Currency Settlement

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Cooperation areas

Source: नवभारत टाइम्स | Original Published At: 2026-09-14 13:08:51 UTC

India's trade with BRICS+ economies could see about 39.5% eligible for local-currency settlement under the expanded BRICS+ framework, up from 22.4% under the original BRICS grouping.
Russia and Iran may be among the biggest beneficiaries, with potential local-currency settlement shares of 61% and 64% of trade with BRICS+ partners, respectively.
Ethiopia and Indonesia could also see roughly half of their trade within the expanded local-currency network, at 48.8% and 48.7%, respectively.
Local-currency settlement may reduce transaction costs, dependence on third currencies, and exposure to volatility in major international currencies.
The actual share of trade settled in local currencies will depend on payment arrangements, currency convertibility, liquidity availability, and acceptance by exporters and importers.
China's potential benefit under BRICS+ is estimated at 28%, while the United Arab Emirates may see local-currency payments cover only 21% of total trade.