Shastri Backs De-Dollarisation, Cites Need for Local Currency-Based Trade

Chairman of the BRICS Chamber of Commerce and Industry Sameep Shastri supports the push for de-dollarisation, calling it necessary for a multipolar economic system where developing nations have a greater voice.

Shastri argues that businesses face multiple costs while conducting international trade through the US dollar, including transaction fees and currency exchange penalties. He believes that adopting local currency-based trade and digital platforms can support a more balanced global economic framework.

In an interview with ANI, Shastri noted that de-dollarisation has already begun, citing America's investment in crypto as an example. He also highlighted India's Unified Payments Interface (UPI) as a successful model for digital transactions, which has facilitated $90 billion worth of transactions.

Shastri emphasized the need for India to strengthen its exports to BRICS economies, particularly in energy sources, to reduce its trade deficit with these nations. He also mentioned that India is making progress in manufacturing and improving product standards, which can support increased exports.