India Opposes Common BRICS Currency Amid US Dollar Warnings
India's Commerce Minister Piyush Goyal has expressed opposition to introducing a common currency for BRICS nations, which comprise emerging economies from around the world. The current chair of the BRICS grouping stated that India does not support the creation of a dedicated BRICS currency, contradicting the views of some other member countries like Russia and China.
Goyal's remarks are significant as they come at a time when US President Donald Trump has warned BRICS countries against replacing the US dollar. The meeting of trade ministers from BRICS nations in Jaipur also agreed on the need for opening up markets, economic diversification, and internationalizing micro, small, and medium enterprises.
The 'Jaipur Consensus' adopted at the meeting includes a plan to study a BRICS invoice-discounting mechanism and establish credit-assessment guidelines for export-focused smaller businesses. These guidelines will evaluate companies based on cash flow rather than physical assets or collateral, aiming to narrow the $2.5 trillion global trade finance gap.
The meeting also agreed on establishing an action plan for 2026-2030, which includes forming a BRICS technical council and launching the BRICS Connect initiative.