Under Trump’s shadow, Brics takes step towards de-dollarisation
Brics countries agreed on Saturday to expand trade and payments in local currencies, making another step towards de-dollarisation as the bloc seeks to counter an assertive United States. Facing pressure from Washington, the member nations found enough common ground to overcome some of their biggest diplomatic splits. The pledges were part of the “New Delhi Declaration 2026”, adopted unanimously…
The Brics countries, meeting in Delhi on the opening day of their 18th summit, agreed to expand trade and payments in local currencies, marking another step towards de-dollarisation as the bloc seeks to counter the assertive United States. The "New Delhi Declaration 2026", unanimously adopted, outlined the group's efforts to use local currencies for trade settlements and investments, with a Payment Task Force studying cross-border interoperability of payment and messaging channels.
The declaration cautioned against a "one-size-fits-all approach" and respected national priorities, a nuance Washington is likely to appreciate. US President Trump has threatened the bloc with 100% tariffs if it "plays games with the dollar." Modi, speaking after the declaration, emphasized that Brics is "not against anyone." The document also criticized unilateral tariffs, sanctions, and protectionist measures, aligning with concerns about unilateral economic sanctions and secondary sanctions.
While the declaration does not name Trump or the United States, it condemns unilateral coercive measures inconsistent with World Trade Organization rules. The document balanced India's push for greater strategic autonomy with the need to avoid making Brics an explicitly anti-US bloc, reflecting India's diplomatic finesse.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
