India Dismisses De-Dollarisation Discussion at Brics Meeting
India has clarified that de-dollarisation is not on the agenda for the Brics nations, emphasizing that discussions are focused solely on enhancing cross-border payments through local currencies. During a recent media briefing, Ministry of External Affairs spokesperson Randhir Jaiswal highlighted the success of the Brics summit and reiterated that the member countries are not pursuing any plans to diminish the US dollar’s influence. This statement comes amid rising global conversations about reducing reliance on the dollar, which some view as a potential threat to its dominance.
Clarification on De-Dollarisation
At the weekly media briefing, Jaiswal stated, “De-dollarisation is not something which is on the agenda.” He explained that while Brics nations are exploring the use of local currencies for cross-border transactions, the idea of moving away from the US dollar is not being considered. This clarification is particularly significant as discussions around de-dollarisation have intensified globally, with various countries seeking alternatives to the dollar in international trade. The notion has been met with resistance from the United States, particularly during the Trump administration, which perceived such moves as a challenge to the dollar’s supremacy. In late 2024, Trump warned Brics nations, including India, of potential tariffs if they pursued policies that could undermine the dollar.
Ongoing India-US Trade Negotiations
In addition to addressing Brics-related concerns, Jaiswal provided updates on the ongoing trade negotiations between India and the United States. He confirmed that both nations are actively engaged in discussions to resolve outstanding issues related to their trade agreement. A high-level delegation from India’s commerce and industry ministry is currently in Washington, D.C., working towards a resolution. The Trump administration has postponed additional tariffs on India and other countries until August 1, extending the deadline to facilitate the completion of a bilateral trade deal. Both countries aim to increase their bilateral trade to $500 billion by 2030, making the current negotiations a crucial step in achieving this goal.
Progress on India-EU Free Trade Agreement
Jaiswal also provided insights into the status of the India-European Union Free Trade Agreement (FTA). He noted that discussions are progressing well, with the most recent round of talks taking place in Brussels from July 7-11. The next round is scheduled for September in New Delhi. The India-EU FTA is anticipated to be finalized by the end of this year, which would significantly enhance India’s trade relationships with European nations. This agreement is expected to open new avenues for trade and investment, further solidifying India’s position in the global market.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
