India has expressed support for the proposal to create a unified payment system within the BRICS group, which would help reduce reliance on the U.S. dollar.
The idea, initially proposed by Iran, aims to integrate the national currencies of the member countries to facilitate transactions and circumvent U.S. sanctions.
Ash Narain Roy, Director of the Institute of Social Sciences in India, emphasized that while India supports the idea in principle, a consensus among all BRICS members is necessary before making a final decision.
Iran’s Foreign Ministry spokesperson, Nasser Kanani, noted that conditions are already being set for transitioning to a payment system based on national currencies within BRICS.
Iran, like other members, is interested in this initiative to bypass sanctions and facilitate trade within the bloc.
However, Roy highlighted that implementing a unified payment system is a significant step that requires careful analysis.
The discussion is expected to continue and be thoroughly explored before making a final decision, as BRICS members seek to avoid creating a system that could prove ineffective.