India’s External Affairs Ministry said there is no current proposal for a common BRICS currency, while the BRICS Payment Task Force continues exploring local-currency settlement and cross-border payment mechanisms.
India hosted the 18th BRICS Summit in New Delhi and secured consensus on a 45-page New Delhi Declaration addressing terrorism, Western trade measures, regional conflicts, and local currency trade.
BRICS’ New Delhi Declaration addressed terrorism, tariffs and artificial intelligence, with the bloc raising serious concerns over unilateral trade measures and their conflict with WTO rules.
BRICS leaders will attend outreach events at Bharat Mandapam in New Delhi on the summit’s second day, following adoption of the New Delhi Declaration.
A UN spokesperson said BRICS has become a strong platform for emerging voices beyond Western countries, while highlighting India’s chairmanship and the New Delhi declaration.
BRICS members adopted a New Delhi declaration agreeing to establish BRICS AGRIN and emphasize a BRICS Grain Exchange for agricultural trade cooperation.
A BRICS declaration supported local currency trade settlements and cross-border payment cooperation while criticizing unilateral tariffs, sanctions, and coercive measures.
India said there is no proposal for a common BRICS currency, while BRICS members are exploring local-currency settlement to reduce transaction costs and improve cross-border trade payments.
At the BRICS Summit in New Delhi, leaders emphasized food security, reducing price volatility, and continuing work on a common grain trading platform.
