BRICS Promotes Local-Currency Trade Settlements to Lower Costs
BRICS members are advancing the use of local currencies for trade settlements as part of efforts to reduce transaction costs and make bilateral trade easier within the bloc. India’s Secretary of Economic Relations, Shri Sudhakar Dalela, said the discussions focus on practical payment arrangements that can complement the existing global settlement system. He said members are exploring bilateral mechanisms to address trade-payment challenges. Dalela clarified that BRICS is not currently considering a common currency. The discussions remain focused on improving trade and financial cooperation among member countries.
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