New Delhi, Sept 2026 : There is no proposal at present to introduce a common BRICS currency, while discussions on promoting trade in local currencies among member countries have been underway for some time, the Ministry of External Affairs (MEA) said on Saturday.
Addressing a press briefing, MEA Secretary, Economic Relations, Sudhakar Dalela, clarified that the grouping is not currently considering the creation of a dedicated BRICS currency.
“There is no proposal in the BRICS for a BRICS currency as of now,” Dalela said.
He, however, noted that discussions on facilitating trade settlements in local currencies have been continuing among BRICS members.
“Discussions on trade in local currencies have been underway for some time,” he said, adding that India views local currency settlement as a practical mechanism to facilitate bilateral trade.
According to Dalela, settling trade transactions in local currencies can help reduce transaction costs and improve the efficiency of bilateral commerce. He stressed that the mechanism is being encouraged as a complement to the existing global payment and settlement system rather than as a replacement for it.
“We believe local currency settlement is a practical mechanism to reduce transaction costs in bilateral trade. This has been encouraged as complementary to the global payment and settlement system, improving overall global trade across nations,” he said.
Dalela also outlined several key outcomes and areas of cooperation emerging from India’s BRICS chairship in 2026. Among the major highlights were the BRICS MSME cooperation portal, initiatives related to global value chains and cooperation on logistics frameworks.
He said cooperation in digital public infrastructure (DPI), the creation of a science and research repository and collaboration on startups were also among the significant areas of progress during India’s chairship.
Describing the year as one of robust participation and engagement, Dalela said more than 350 meetings had been conducted under India’s BRICS chairship. He described the extensive engagement as a “whole-of-nation effort”, with BRICS-related activities organised in more than 30 cities across the country.
The Secretary said the summit had also produced around 150 practical outcomes across four broad pillars of cooperation.
“Strengthening food and health security, and BRICS cooperation on mental health were some of the important highlights,” he said.
The comments came as BRICS leaders unanimously adopted the New Delhi Declaration at the 18th BRICS Summit in the national capital on Saturday.
The declaration expressed serious concern over the increasing use of unilateral tariffs and non-tariff measures that distort international trade and are inconsistent with World Trade Organisation (WTO) rules.
BRICS countries reaffirmed their “unwavering support” for reform of the WTO and for strengthening a non-discriminatory, open, equitable, transparent, fair, inclusive and predictable rules-based multilateral trading system, with the WTO at its core.
The declaration also highlighted the aspirations of the Global South for greater integration into the multilateral trading system. It strongly backed the bids of Ethiopia and Iran to join the WTO.
The BRICS nations also acknowledged China’s decision to expand zero-tariff treatment to 53 African countries with which it maintains diplomatic relations.
Earlier, Union Commerce and Industry Minister Piyush Goyal had called on BRICS member and partner countries to deepen economic cooperation by opening markets, simplifying regulatory procedures, connecting payment systems and promoting trade settlements in local currencies.
The focus on local currency transactions reflects the broader BRICS effort to strengthen economic cooperation while making cross-border trade more efficient and resilient. However, the MEA clarification makes clear that there is currently no formal proposal for a common BRICS currency.
