New Delhi, 1 July (H.S.): The BRICS summit in Brazil on July 6-7 is set to condemn the Pahalgam terror attack and explore alternative trade payment mechanisms while avoiding a complete shift away from the US dollar. Prime Minister Narendra Modi is on a five-nation tour, including stops in Ghana, Trinidad and Tobago, Argentina, and Namibia. The summit's declaration will reflect a strong stance against terrorism, aligning with India's expectations as articulated by Dammu Ravi, Secretary (Economic Relations) in the Ministry of External Affairs. Ravi emphasized a collective understanding among BRICS nations on the need to confront terrorism, enhancing India's solidarity with the bloc and fostering connections with Global South leaders.

Regarding trade, Ravi clarified that the discussions are about exploring alternatives, reminiscent of India’s rupee-based trade settlements, rather than a full de-dollarization initiative. He argued that the US dollar remains dominant in global trade and should not be viewed as being in competition with national currencies. The trend towards using local currencies is gaining traction but does not negate the continued prevalence of the dollar.

With 11 major emerging economies representing nearly half the global population, 40% of GDP, and a quarter of global trade, the BRICS forum continues to hold significance, despite the absence of Chinese President Xi Jinping and Russian President Vladimir Putin at the summit. The event offers India a vital platform for advocating the interests of the Global South.

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Hindusthan Samachar / Indrani Sarkar