India News : The upcoming BRICS Summit in Brazil on July 6–7 is set to strongly condemn the recent terror attack in Pahalgam, Jammu & Kashmir, in a unified message against terrorism. The summit will also discuss alternate trade payment mechanisms, focusing on local currency transactions while avoiding a full departure from the US dollar.
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This year’s summit holds added significance for India, as Prime Minister Narendra Modi is currently on a five-nation diplomatic tour, visiting Ghana, Trinidad and Tobago, Argentina, and Namibia before heading to Brazil. The summit declaration is expected to reflect India’s priorities, particularly a firm stance against terrorism, aligning with sentiments expressed by Dammu Ravi, Secretary (Economic Relations) at India’s Ministry of External Affairs.
Ravi noted that BRICS nations share a collective understanding of the need to combat terrorism, a position that strengthens India’s diplomatic alignment with both the Global South and its BRICS partners. He emphasized that the bloc’s stance will reinforce cooperation on security and promote regional peace.
In terms of economic dialogue, Ravi clarified that while alternative trade settlement systems are under discussion, this does not signal a complete de-dollarization move. Instead, the talks aim to build frameworks similar to India’s rupee-based trade settlements that offer flexibility and economic resilience, especially for emerging economies.
“The US dollar continues to dominate global trade and is not in competition with local currencies,” Ravi explained. “The shift toward using national currencies is gradual and aims to enhance trade sovereignty without disrupting existing global financial systems.”
The BRICS grouping, which now includes 11 major emerging economies, represents almost half the world’s population, 40% of global GDP, and 25% of international trade. Despite the absence of key figures like Chinese President Xi Jinping and Russian President Vladimir Putin, the summit remains a vital platform for India to amplify the voice of the Global South and push forward shared development agendas.
India sees this as an opportunity to bridge strategic partnerships, advocate for counter-terrorism frameworks, and strengthen multilateral trade cooperation. The summit in Brazil is expected to yield a declaration that not only reflects solidarity on security issues but also paves the way for a more inclusive, multi-currency global trade system.
