India has been non-commital on the common BRICS currency. External Affairs Minister, Dr S Jaishankar, had earlier said that there was no idea of a BRICS currency
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U.S. President-elect Donald Trump on Sunday said that BRICS countries trying to move away from the dollar will face 100 per cent tariffs.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by, and watch is over. We require a commitment from these countries that they will neither create a new BRICS Currency, nor back any other currency to replace the mighty U.S. Dollar or, they will face 100 per cent tariffs and should expect to say goodbye to selling into the wonderful U.S. Economy,” said Trump.
Interestingly, India has been non-commital on the common BRICS currency. External Affairs Minister, Dr S Jaishankar, had earlier said that there was no idea of a BRICS currency. “Currency will remain a national issue for a very long time,” Dr Jaishankar had said before the BRICS summit.
The minister further said that several aspects had to be considered before a common currency became a reality. “From time to time, people have raised that there should be a BRICS currency but remember for countries to have a common currency, you need an enormous alignment of the very fundamentals of fiscal policies, the monetary policies, economic policies or even have to check the political policies.”
US President-elect Donald Trump gestures after speaking during an America First Policy Institute gala at his Mar-a-Lago estate, Thursday, Nov. 14, 2024, in Palm Beach, Florida.
Why BRICS is a counterweight to ‘Group of Seven’ rich nations
The US is India’s largest trading partner, with bilateral trade surpassing $120 billion in FY24. India’s export portfolio to the US is diverse, spanning textiles, pharmaceuticals, engineering goods, and IT services. BRICS comprises Brazil, Russia, India, China and South Africa, Egypt, Ethiopia, Iran and the UAE. There has been talk of a common currency for trade amongst member nations but it’s still at a discussion stage.
Meanwhile, Trump nominated close confidante Kash Patel for the position of Director of the Federal Bureau of Investigation, making him the highest-ranking Indian American in his incoming administration.
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