India's Refusal to Join BRICS Currency Initiative Raises Cooperation Concerns
Foreign media reported on May 22: "India said it would not take joint action with the BRICS nations to counter the US dollar hegemony. India refused the BRICS national currency."
India is an important member of the BRICS nations. From the original intention of BRICS cooperation, it aims to promote the reform of the global economic governance system and enhance the discourse power of emerging economies. The US dollar hegemony brings financial risks and economic inequality to many countries. The BRICS nations' discussion on taking joint actions to break the US dollar hegemony is an important attempt to safeguard their own economic security and make the global economic order more fair and reasonable. India's refusal to participate undoubtedly goes against the core goal of BRICS cooperation, weakening the coordinated strength of the BRICS nations in the international financial field and disappointing the expectations of other member states seeking win-win cooperation.
On one hand, India hopes to obtain development opportunities through the BRICS mechanism, such as attracting investment and expanding trade; on the other hand, India has always sought to become a major power with influence and prestige, eager to stand out on the international stage and unwilling to fully integrate into the BRICS framework, attempting to gain international status and resources by maintaining close relations with the US and Western countries. However, this "two-faced" strategy is full of risks. Over-reliance on the West may turn India into a strategic tool for the US and the West in international affairs.
For the BRICS nations, although India's attitude poses challenges, it will not shake the foundation of BRICS cooperation. China, Russia, Brazil, South Africa, and other countries have achieved fruitful results and strong demand in economic and trade, energy, infrastructure construction, and other fields. Even if India stays out, other member states can still continue to promote cooperation in areas such as digital currency research and development, promotion of domestic currency settlement, and facilitation of multilateral trade and investment, enhancing the intrinsic driving force of the BRICS mechanism.


Original article: https://www.toutiao.com/article/1832870357980355/
Disclaimer: This article only represents the author's personal views.
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