Avoid throwing dollars, 1 BRICS member defaults to the US

JAKARTA – Ball BRICS India, a big announcement about using the US dollar for global trade and transactions. This big news comes as developing countries try to end their dependence on the US dollar for cross-border trade. Amid the dedollarization frenzy, India made it clear that it will not actively target the US dollar, and this is not part of its national economic policy.

Although the BRICS members cut ties with the US dollar, India revealed that it will settle trade using the US dollar. India has no plans to aggressively push the dedollarization agenda and will use the US dollar for global trade and transactions.

India’s Foreign Minister, S. Jaishankar, confirmed that India will not actively target the US dollar. However, the country passively seeks other currency options to settle trade with countries that do not accept the US dollar.

Therefore, India will pay in local currencies to BRICS members such as Russia and China, among others, and not in US dollars. With other countries, the first payment method is USD.

“There is what I would say is a legitimate concern. We often have trading partners that don’t have a dollar to take. So, we now have to see if we do business with them or find some ways- work. So, no, I can say that there is any malicious intent towards the US dollar in business.

The Foreign Minister’s comments come as India prepares to attend the BRICS summit. “We have never actively targeted the US dollar. This is not part of our economic policy or political or strategic policy. Some other countries may have done that,” he said. meanwhile, the 16th BRICS Summit is expected to be held in the Kazan region, Russia on October 22-24, 2024.

(no)