American economist, Jeffrey Sachs has emphasised that BRICS is not an anti-US alliance but a collective push against US unilateralism, backing alternatives to the dollar due to its weaponisation.

His remarks at the 18th BRICS Summit in New Delhi highlight the bloc’s focus on multipolarity, diplomacy, and practical local currency settlements rather than a common currency.

American economist and foreign policy expert Jeffrey Sachs stated that BRICS represents a multipolar and genuinely multilateral global order. He explained that the grouping’s stance was not directed against the United States but against unilateral actions that undermine diplomacy. He stressed that disputes should be resolved through dialogue rather than wars of aggression, citing the ongoing Gulf crisis as an example.

Sachs underlined that BRICS seeks a true multilateral system. He clarified that the bloc is not an alliance against Washington but opposes unilateralism. He argued that alternatives to the US dollar are necessary, not for technical monetary reasons, but because the dollar has been weaponised as a foreign policy tool.

He pointed to the use of the international financial system to enforce US policy. Sachs explained that when Washington instructs countries like India not to import from Russia, such demands are illegitimate and illegal.

He warned that enforcement through exclusion from the SWIFT payment system makes it essential for nations to develop mechanisms to trade outside the dollar framework.

Sachs recalled Donald Trump’s strong opposition to de-dollarisation efforts during his presidency. He noted that Trump’s statement, “Don’t you dare move away from the dollar,” revealed how deeply the US views dollar dominance as a core foreign policy interest.

The remarks come as BRICS continues discussions on reducing reliance on the dollar in trade. Member nations are promoting settlements in local currencies and exploring alternative payment mechanisms. 

The New Delhi Declaration acknowledged ongoing talks on trade settlements and investments using BRICS local currencies, while respecting national priorities and avoiding a one-size-fits-all approach.

India has clarified that there is no proposal for a common BRICS currency. Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, explained that discussions on local currency settlement have been underway for some time. He said the aim is to make bilateral trade more efficient, not to replace the global payment and settlement framework.

Dalela highlighted that local currency settlement reduces transaction costs in bilateral trade. He described it as complementary to the global system, improving overall trade efficiency. He added that the New Delhi Declaration recognised the work of the BRICS Payment Task Force on cross-border interoperability of payment and messaging channels.

The declaration encouraged continued efforts towards practical payment solutions that are fast, low-cost, accessible, efficient, transparent, and safe.

The push for local currency settlements and payment interoperability is part of broader BRICS efforts to facilitate cross-border trade. These measures aim to reduce transaction costs while keeping discussions on de-dollarisation focused on practical alternatives rather than the creation of a single common currency.

Sachs’ comments reflect the wider BRICS debate over the international financial system. The grouping is positioning its economic and financial cooperation as part of a larger push for a multipolar and multilateral global order. The emphasis remains on diversification, efficiency, and autonomy in trade, rather than outright confrontation with the United States.

Alternative Headline: Brics Pushes Back Against Dollar Weaponisation, Not Against US