“Discussion framework in BRICS has focussed on trade within national currency”: Foreign Secretary Kwatra

New Delhi [India]: The focus of the 15th BRICS Summit is on trade within the national currency as common currency discussions have several prerequisites, Foreign Secretary Vinay Kwatra said on Monday.

Responding to a question on reports of BRICS common currency, Kwatra laid to rest all the speculations and underlined that the discussion framework in BRICS has focussed on trade within the national currency.

“…Common currency discussions have several prerequisites before you can even talk about a common currency framework,” Kwatra said during the special press briefing today.
“The discussion framework in BRICS, the substance of that discussion framework in BRICS has focussed on trade within the national currency,” he said further.

Saying that the focus in BRICS is trading in national currencies, not the other way, Kwatra also added, “As far as BRICS FTA is concerned are political as well as very technical…Experts will discuss and take a call…”

Moreover, the Foreign Secretary also said that India has a really positive intent for the expansion of BRICS and supports it with an open mind.

He said, “In so far as BRICS expansion is concerned, we have been clear from the start that we have positive intent and an open mind when it comes to BRICS expansion. Those are the subject matters of ongoing current discussion between the Sherpas of the BRICS in South Africa and I would not want to prejudge the outcome of the discussions.”

This year’s BRICS is under the presidency of South Africa and is organising the first face-to-face summit since 2019 in Johannesburg from August 22-24.

South Africa became Chair of BRICS on January 1 under the theme: “BRICS and Africa: Partnership for Mutually Accelerated Growth Sustainable Development and Inclusive Multilateralism.” Notably, Prime Minister Narendra Modi will attend the BRICS 15th Summit at the invitation of South African President Matamela Cyril Ramaphosa.

After wrapping up the BRICS meeting, PM Modi will travel to Greece on August 25.