403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
India declares no unified BRICS position on dollar
(MENAFN) India’s External Affairs Minister S. Jaishankar has refuted claims that the BRICS alliance is working to undermine the US dollar, stating that such assumptions are not supported by facts. Speaking at Chatham House in London on Wednesday, Jaishankar emphasized that India has no interest in weakening the dollar and that BRICS members hold diverse views on the issue.
Jaishankar clarified that there is no collective BRICS position challenging the dominance of the US currency in global trade, despite some member nations expressing concerns about it. With BRICS expanding to include Egypt, Ethiopia, Iran, the UAE, and Indonesia, internal differences on monetary policy have become even more evident.
“The suggestion that there is a united BRICS front against the dollar is simply not true,” Jaishankar stated. He also dismissed the idea that a multipolar world must result in a multipolar currency system.
Jaishankar’s remarks come weeks after former US President Donald Trump alleged that BRICS was trying to destroy the US dollar and declared that the group had collapsed after his administration threatened 150% tariffs on imports from BRICS nations.
“When I came in, the first thing I said was any BRICS state that even mentions the destruction of the dollar will face a 150% tariff… and BRICS just broke up,” Trump claimed in February, just before meeting Indian Prime Minister Narendra Modi at the White House.
When asked whether India’s efforts to internationalize the rupee were aimed at challenging the dollar, Jaishankar clarified that it was part of a broader strategy to promote India’s global economic influence rather than a move against the US currency.
He noted that the use of the Indian rupee has grown in neighboring countries due to dollar shortages, but emphasized that many nations still prefer greater dollar availability, not less.
“Our relations with the US are stronger than ever, and we have no interest in undermining the dollar,” Jaishankar stated, reinforcing India’s commitment to strong US-India ties while navigating global economic shifts.
Jaishankar clarified that there is no collective BRICS position challenging the dominance of the US currency in global trade, despite some member nations expressing concerns about it. With BRICS expanding to include Egypt, Ethiopia, Iran, the UAE, and Indonesia, internal differences on monetary policy have become even more evident.
“The suggestion that there is a united BRICS front against the dollar is simply not true,” Jaishankar stated. He also dismissed the idea that a multipolar world must result in a multipolar currency system.
Jaishankar’s remarks come weeks after former US President Donald Trump alleged that BRICS was trying to destroy the US dollar and declared that the group had collapsed after his administration threatened 150% tariffs on imports from BRICS nations.
“When I came in, the first thing I said was any BRICS state that even mentions the destruction of the dollar will face a 150% tariff… and BRICS just broke up,” Trump claimed in February, just before meeting Indian Prime Minister Narendra Modi at the White House.
When asked whether India’s efforts to internationalize the rupee were aimed at challenging the dollar, Jaishankar clarified that it was part of a broader strategy to promote India’s global economic influence rather than a move against the US currency.
He noted that the use of the Indian rupee has grown in neighboring countries due to dollar shortages, but emphasized that many nations still prefer greater dollar availability, not less.
“Our relations with the US are stronger than ever, and we have no interest in undermining the dollar,” Jaishankar stated, reinforcing India’s commitment to strong US-India ties while navigating global economic shifts.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment