India Pushes BRICS Nations for Local Currency Trade to Boost Economic Resilience
· World · Hindustan Times, Times of India
India’s External Affairs Minister S. Jaishankar called on BRICS nations to enable trade in local currencies, strengthen supply chains, and create a predictable business environment to enhance economic resilience amid global volatility. At the BRICS Business Forum in New Delhi, Jaishankar emphasized self-reliance and innovation, citing geopolitical conflicts, pandemics, and climate disruptions as key challenges. Commerce Minister Piyush Goyal highlighted BRICS’ role in global trade, accounting for nearly a quarter of worldwide commerce, and urged members to open markets for raw materials and critical minerals. Both ministers stressed the need for resilient, two-way supply chains and simplified regulations to ensure uninterrupted trade and growth. Russia’s proposal for a BRICS grain exchange to bolster food security was also referenced as part of the bloc’s focus on sustainability and cooperation.
Why it matters
BRICS nations collectively represent a significant portion of global trade and economic activity, and this push for local currency trade could reduce reliance on the US dollar, lower transaction costs, and mitigate risks from sanctions or financial instability. Indian businesses, exporters, and consumers stand to benefit from more stable trade flows and reduced exposure to global economic shocks, while the broader bloc’s economic security gains strength through diversified partnerships and resil
Read the original report — Hindustan Times
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