BRICS member states have reaffirmed their commitment to reducing the cost of trade among emerging economies by promoting the use of local currencies.
The bloc said the move is aimed at making intra-BRICS trade cheaper and more efficient, while deepening economic cooperation among member countries.
This was stated to journalists at the ongoing BRICS 2026 Summit, in India.
Speaking to Journalists, the India’s Secretary for Economic Relations, Shri Sudhakar Dalela, said the discussions are not aimed at creating a common BRICS currency, but at developing practical payment and settlement arrangements that can reduce transaction costs in bilateral trade.
“Discussion on trade settlement in local currency has been underway for some time. It is not a new subject,” Dalela said.
He explained that allowing countries to settle some trade transactions in their respective local currencies could improve trade efficiency while reducing costs associated with international payments.
According to him, the objective is to increase intra-BRICS trade, deepen economic engagement with the global business community and make cross-border transactions more efficient.
“The focus of ongoing discussions on local-currency trade and payment systems is to increase intra-BRICS trade, deepen engagement with the global business community and lower transaction costs,” he said.
Bilateral Arrangements
Dalela stressed that discussions were being pursued both through bilateral arrangements and within the broader BRICS framework.
“Financial issues relating to payment and settlement mechanisms fall under the Finance Ministers and Central Bank Governors track, which is responsible for advancing discussions on such initiatives. The renewed focus on trade settlement comes as BRICS seeks to strengthen its role as a major grouping of emerging markets and developing economies,” he stressed
Dalela said the grouping’s decisions were the result of sustained consultations among member countries involving Sherpas, foreign ministers and leaders.
“The extensive engagement throughout the year enabled members to reach a broad consensus reflected in the New Delhi Declaration. India’s chairmanship placed particular emphasis on “Resilience, Innovation, Cooperation and Sustainability,” with development outcomes designed to have a direct impact on ordinary citizens,” he said
Beyond financial cooperation, India used its BRICS chairmanship to promote innovation and entrepreneurship among member states.
Dalela highlighted initiatives such as the BRICS Incubator Network and a proposed BRICS Startup Innovation Fund, saying India was keen to deepen cooperation with China and other BRICS members in the innovation sector.
“The initiatives are expected to create greater opportunities for collaboration among startups, entrepreneurs and businesses across member countries. Energy security and resilient supply chains also featured prominently in discussions among BRICS members, particularly against the backdrop of geopolitical tensions and conflicts in West Asia,” he said
Dalela said member states had considered the economic consequences of global conflicts and supported efforts to maintain smooth international trade flows, resilient supply chains and reliable energy supplies. Sttressing that such efforts should be pursued in accordance with international law.
On global trade, he maintained that tariffs and other trade-related measures should comply with international law and World Trade Organisation rules.
He pointed to the New Delhi Declaration, which expresses opposition to unilateral measures that are inconsistent with international obligations.
The bloc also adopted a firm position against terrorism, with leaders condemning terrorism in all its forms, including cross-border terrorism.
To this, Dalela said the declaration demonstrated the collective commitment of BRICS members to combating the threat.
As BRICS marks two decades since its first meeting in 2006, India has sought to build on previous presidencies while introducing new areas of cooperation.
Dalela stated that, India had also proposed a mechanism to support seafarers in distress and expressed confidence that the initiative would attract broad international support.
“The overall direction of India’s BRICS presidency, is to pursue practical initiatives capable of strengthening cooperation among member states,” he explained.
While the bloc has no current proposal for a common currency, its continued discussions on local-currency settlement signal a broader effort to make trade among emerging economies more efficient, affordable and resilient.
