India’s External Affairs Minister S. Jaishankar has dismissed the notion that BRICS is working against the dominance of the US dollar, stating that the group’s members hold diverse views on the matter. Speaking at Chatham House in London during his official visit to the UK, Jaishankar clarified that India has no interest in undermining the US currency.
“The assumption that BRICS is actively working against the dollar is not borne out by facts,” Jaishankar emphasized. He further noted that the expanded BRICS membership now includes countries with varying economic and geopolitical priorities, leading to differing perspectives on the role of the dollar in global trade.
“I don’t think there is a unified BRICS position on this,” he stated. “BRICS members, and now that we have more members, have very diverse positions on this matter. So, the suggestion or the assumption that somewhere there is a united BRICS position against the dollar, I think, is not borne out by facts.”
His remarks come in the wake of statements by former US President Donald Trump, who claimed that BRICS was attempting to “destroy the US dollar.” Trump further asserted that his threats of imposing a 150% tariff on imports from BRICS nations had led to the group’s collapse. However, BRICS remains intact and has expanded in recent years to include Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Indonesia, with Saudi Arabia accepting membership but yet to formalize its entry.
Jaishankar also addressed concerns regarding India’s efforts to internationalize the rupee, clarifying that it is not an attempt to challenge the dollar but rather a strategic move to facilitate India’s growing global presence. As more Indians travel and reside abroad, he explained, the natural use of the rupee in international transactions is increasing.
“We have never had a problem with the dollar,” he added. “Our relations with the US are probably the best ever that they have been. So we have absolutely no interest in undermining the dollar at all.”
The minister also pointed out that in India’s immediate neighborhood, rupee-based transactions have increased due to the scarcity of dollars, suggesting that “many countries want to see more dollars, not less.”
Jaishankar’s statements reaffirm India’s neutral stance on global currency dynamics while underscoring the diverse economic policies within BRICS. His remarks indicate that, while some BRICS members advocate for alternatives to the dollar, India remains pragmatic in its approach, prioritizing stability and international cooperation.
