BRICS Could Move Beyond Dollar, But Not Towards A Single Currency
BRICS has shifted focus from a common currency to local-currency settlements, cross-border payment links and financing alternatives to reduce reliance on the US dollar.
BRICS has shifted focus from a common currency to local-currency settlements, cross-border payment links and financing alternatives to reduce reliance on the US dollar.
An analysis of India’s BRICS presidency argues that the New Delhi Declaration could matter if it helps make climate and emerging-market finance more bankable, de-risked and attractive to capital.
India’s 2026 BRICS presidency centered on the New Delhi Declaration, continuity mechanisms, and practical economic cooperation, while cross-border payments and implementation challenges remain.
The BRICS Chamber of Commerce & Industry hosted BRICS+ Dialogue 2026 in New Delhi, focusing on inclusive innovation, women’s leadership, and practical cross-border cooperation under India’s BRICS Presidency.
American economist Jeffrey Sachs said BRICS supports a multipolar and genuinely multilateral global order, not an alliance against the United States, and backed alternatives to the US dollar because of its weaponisation.
Saudi Arabia is deepening economic and diplomatic ties with BRICS and India while keeping formal membership unresolved as it balances its strategic relationship with the United States.
India’s BRICS presidency shaped a consensus-based New Delhi Declaration, emphasizing an inclusive, non-confrontational orientation and practical cooperation across multiple sectors.
Iranian Foreign Minister Abbas Araghchi said Iran is working on joining the New Development Bank established by BRICS, while no timeline or formal application details were provided.
Strategic experts said the BRICS joint declaration adopted in New Delhi reflected India’s diplomatic success, including consensus among members and support for zero tolerance against terrorism.