India’s External Affairs Minister S. Jaishankar clarifies that BRICS does not have a unified stance on de-dollarisation. He emphasizes India’s focus on promoting the rupee internationally while maintaining a positive relationship with the US dollar. Despite challenges from former President Trump regarding BRICS currency, India aims for greater economic cooperation with the US.
In recent discussions, India’s External Affairs Minister, S. Jaishankar, addressed the growing speculation surrounding BRICS nations and their potential movement towards an alternative currency. He emphasized that there is no unified position among BRICS members regarding de-dollarisation, stating, “I think BRICS members… have very diverse positions on this matter. So the suggestion… that there is a united BRICS position against the dollar is not borne out by facts.” The BRICS coalition, formed in 2009, includes ten countries and notably excludes the United States, leading to various interpretations of its stance on global currency issues.
While dismissing efforts aimed at replacing the dollar, Jaishankar reiterated India’s commitment to promoting the rupee’s international use. He remarked, “We are clearly promoting the internationalisation of the rupee because we are actively globalising India. More Indians are travelling and living abroad… As a result, the use of the rupee will also grow.” He outlined the establishment of mechanisms for rupee-based transactions with countries that experience hard currency shortages, highlighting the pragmatic approach India is taking toward global commerce.
Despite forging pathways for rupee transactions, Jaishankar clarified that India does not view the US dollar as a barrier to its economic goals. “We have no issue with the dollar… We have no interest in undermining the dollar,” he stated, reinforcing India’s favorable relations with the United States. This comes amid threats from former President Donald Trump warning BRICS nations against attempts to supplant the dollar, asserting, “There is no chance that BRICS will replace the US dollar in international trade.”
Jaishankar also reflected on the foreign policy trends under the Trump administration, suggesting they were anticipated. He noted that Trump’s approach is cultivating a more multipolar world, which aligns with India’s strategic objectives. Additionally, he acknowledged India’s historical ties with the US, stating, “We have never had any issues with American presidents… There’s no baggage… that the relationship carries.”
To address global economic stability, Jaishankar conveyed the importance of collaboration between India and the United States. He emphasized, “We do believe today that working with the United States and strengthening the international financial system… is actually what should be the priority.” His remarks underscore India’s balanced approach towards global finance as it advances the rupee’s international presence while maintaining cooperative ties with the US and supporting a multipolar global landscape.
In conclusion, India’s External Affairs Minister, S. Jaishankar, has made it clear that while the nation seeks to globalize the rupee, it does not aim to challenge the dollar’s supremacy. By establishing rupee-based transaction mechanisms and emphasizing cooperation with the United States, India is navigating its diplomatic relationships thoughtfully. The diverse stances within the BRICS nations further indicate the complexity of global financial dynamics and India’s strategic positioning in a multipolar world.
Original Source: m.economictimes.com
