BRICS backs local currency transfers, flags ‘indiscriminate’ tariffs and sanctions
The New Delhi declaration did not explicitly name any country or grouping for such violations of multilateral rules.
The BRICS group of nations has endorsed the use of local currencies for cross-border transactions, while criticizing unilateral economic sanctions, discriminatory trade practices, and indiscriminate tariff increases. The New Delhi Declaration, issued by BRICS leaders, expressed serious concern over the rise of unilateral tariffs and non-tariff measures that distort trade and contradict World Trade Organization (WTO) rules.
The declaration highlighted that such actions threaten global trade, disrupt supply chains, and exacerbate economic disparities, potentially impacting global economic development. While the declaration did not name specific countries or groups, it alluded to recent tariff actions by the United States and carbon levies imposed by developed European nations.
The declaration also acknowledged the Brics Payment Task Force's efforts in exploring practical solutions for cross-border payment mechanisms and work on the interoperability of payment and messaging channels. The Brics financial agenda includes promoting local currencies to reduce reliance on the US dollar and insulate the bloc from unilateral sanctions.
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