India sees no benefit in de-dollarisation policy, says S Jaishankar
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India has dismissed any plans to establish a BRICS currency to rival the US dollar, according to External Affairs Minister S Jaishankar.
Speaking at the Doha Forum in Qatar, Jaishankar clarified India's stance amid growing concerns raised by US President-elect Donald Trump, who warned of severe economic consequences if BRICS nations pursued de-dollarization.
Jaishankar stated that no proposal for a BRICS currency currently exists, emphasizing that India has no intention of undermining the US dollar. "India has never been in favor of de-dollarization," he said. "The US remains our largest trade partner, and we have no interest in weakening the dollar."
His remarks came in response to Trump's recent demand that BRICS countries, including India, Russia, China, Brazil, and South Africa, pledge not to create a new currency or support another to replace the dollar. Trump threatened to impose 100% tariffs on nations that fail to comply.
Trump, in a post on his social media platform Truth Social, issued a stern warning: "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 US Dollar. If not, they will face 100% tariffs and can say goodbye to the wonderful US economy."
He further dismissed any potential challenge to the dollar's dominance, stating, "They can go find another 'sucker.' There is no chance BRICS will replace the US dollar in international trade, and any country that tries should wave goodbye to America."
Jaishankar highlighted the strong bilateral ties between India and the US, pointing to a personal rapport between Prime Minister Narendra Modi and Trump during his first administration. "There were trade-related issues, but Trump was also very international in many respects," Jaishankar noted, adding that it was under Trump’s tenure that the QUAD alliance was revitalized.
The External Affairs Minister reiterated that while BRICS discussions include financial transactions, India sees no benefit in a de-dollarization policy.