BRICS Explores Local Currency Trade, Rules Out Common Currency: MEA

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BRICS member nations are in discussions about settling trade in local currencies to lower transaction costs, India's Ministry of External Affairs has clarified. However, there is no proposal on the table for a unified BRICS currency. The initiative is intended to work alongside existing global payment systems rather than replace them, with the goal of improving trade efficiency. Member leaders also discussed removing trade barriers and strengthening the World Trade Organization. These deliberations came after eight months of groundwork carried out under India's BRICS chairship.

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