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Modi to attend Rio BRICS summit as US voices concern over de-dollarization

India’s participation will test its stance on moving away from the dollar in a forum the Trump administration sees as a challenge to Western-led economic institutions.

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Overview

  • The BRICS-11 summit is set for July 6–7 in Rio de Janeiro, with leaders from Russia, China, Saudi Arabia, the UAE, Iran, Egypt and Indonesia joining the original five members.
  • Delegates will discuss reforming the IMF and WTO, extending BRICS membership and exploring the use of national currencies for trade settlements.
  • External Affairs Minister S. Jaishankar has reiterated that India has no policy to replace the dollar and that there is no unified BRICS position on de-dollarization.
  • Commerce Secretary Howard Lutnick criticised India’s BRICS membership for ‘rubbing the US the wrong way’ and warned against any shift away from dollar hegemony.
  • Any meeting between Modi and President Xi Jinping will be closely watched after China’s support for Pakistan during recent cross-border tensions.