There is no proposal for a BRICS currency "as of now", while discussions on trade in local currencies have been underway for some time, the Ministry of External Affairs (MEA) said on Saturday.
In a press briefing, MEA Secretary (Economic Relations) Sudhakar Dalela said there was no proposal within BRICS to introduce a common currency at present.
"Discussions on trade in local currencies have been underway for some time," Dalela said, adding that local currency settlement is a practical mechanism to reduce transaction costs in bilateral trade.
He said the mechanism is being encouraged as a complement to the global payment and settlement system and could help improve global trade among nations.
Dalela also highlighted several key outcomes of India's BRICS chairmanship, including the BRICS MSME cooperation portal, cooperation on global value chains and logistics frameworks.
He said cooperation on digital public infrastructure (DPI), a science and research repository, and collaboration on startups were also among the key highlights.
According to Dalela, more than 350 meetings were held during India's BRICS chairmanship, with engagements taking place in more than 30 cities across the country. He described the initiative as a "whole-of-nation effort".
He further said the BRICS Summit produced 150 practical outcomes across four pillars, with strengthening food and health security and cooperation on mental health among the important highlights.
The BRICS group of emerging economies on Saturday unanimously adopted the New Delhi Declaration, expressing serious concern over the rise of unilateral tariffs and non-tariff measures that distort trade and are inconsistent with World Trade Organisation (WTO) rules.
The BRICS nations reaffirmed their support for reforming the WTO and strengthening a non-discriminatory, open, equitable, transparent, fair, inclusive, predictable and rules-based multilateral trading system, with the WTO at its core.
The declaration also supported Ethiopia and Iran's bids to join the WTO and acknowledged China's expansion of zero-tariff treatment to 53 African countries with which it has diplomatic ties.
Union Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member and partner countries to deepen economic cooperation by opening markets, simplifying regulatory procedures, linking payment systems and promoting trade in local currencies.
