05:04Indian Foreign Minister Subrahmanyam Jaishankar discussed issues trading in dollars and the use of 'workarounds' - although insisted there was no ill-intent towards the US currency - during a conversation at the Carnegie Endowment of International Peace in Washington DC on Tuesday.
"We have never actively targeted the dollar," he claimed. "That's not part of either our economic policy or our political or our strategic policy. Some others may have. What I will tell you is a natural concern we have."
He added that some partners did not have dollars to trade and India had to consider whether to avoid business dealing altogether or look for other solutions, while denying there was 'malicious intent vis-a-vis the dollar'.
"Sometimes you make it difficult, you know, in the use of dollars. So we have some trade partners who, with whom trade in dollars becomes difficult because of your policies. So we'll have, we have to now, we have to obviously look for workarounds," he added.
Jaishankar also spoke of the 'rebalancing' of trade and the impact of the move towards 'multipolarity'.
"All of this is also going to reflect on currencies and economic dealings. So it is, the era of American dominance is also an era of dollar dominance, an era of a certain, you know, a certain hedging and a certain spread. Other factors will come into play," he added. "It will be more competitive, even in currencies."
India, and other countries in the BRICS group, have frequently spoken about de-dollarisation, the shift away from the dollars towards trade in each others national currencies, while some have even touted the idea of a BRICS currency itself. India has reported increasing issues with trade in dollars with its neighbouring countries, which have seen foreign currency reserves dwindle in recent years.
'Sometimes dollars make it difficult' - Indian FM reveals currency 'workarounds' to DC think tank
Indian Foreign Minister Subrahmanyam Jaishankar discussed issues trading in dollars and the use of 'workarounds' - although insisted there was no ill-intent towards the US currency - during a conversation at the Carnegie Endowment of International Peace in Washington DC on Tuesday.
"We have never actively targeted the dollar," he claimed. "That's not part of either our economic policy or our political or our strategic policy. Some others may have. What I will tell you is a natural concern we have."
He added that some partners did not have dollars to trade and India had to consider whether to avoid business dealing altogether or look for other solutions, while denying there was 'malicious intent vis-a-vis the dollar'.
"Sometimes you make it difficult, you know, in the use of dollars. So we have some trade partners who, with whom trade in dollars becomes difficult because of your policies. So we'll have, we have to now, we have to obviously look for workarounds," he added.
Jaishankar also spoke of the 'rebalancing' of trade and the impact of the move towards 'multipolarity'.
"All of this is also going to reflect on currencies and economic dealings. So it is, the era of American dominance is also an era of dollar dominance, an era of a certain, you know, a certain hedging and a certain spread. Other factors will come into play," he added. "It will be more competitive, even in currencies."
India, and other countries in the BRICS group, have frequently spoken about de-dollarisation, the shift away from the dollars towards trade in each others national currencies, while some have even touted the idea of a BRICS currency itself. India has reported increasing issues with trade in dollars with its neighbouring countries, which have seen foreign currency reserves dwindle in recent years.
Indian Foreign Minister Subrahmanyam Jaishankar discussed issues trading in dollars and the use of 'workarounds' - although insisted there was no ill-intent towards the US currency - during a conversation at the Carnegie Endowment of International Peace in Washington DC on Tuesday.
"We have never actively targeted the dollar," he claimed. "That's not part of either our economic policy or our political or our strategic policy. Some others may have. What I will tell you is a natural concern we have."
He added that some partners did not have dollars to trade and India had to consider whether to avoid business dealing altogether or look for other solutions, while denying there was 'malicious intent vis-a-vis the dollar'.
"Sometimes you make it difficult, you know, in the use of dollars. So we have some trade partners who, with whom trade in dollars becomes difficult because of your policies. So we'll have, we have to now, we have to obviously look for workarounds," he added.
Jaishankar also spoke of the 'rebalancing' of trade and the impact of the move towards 'multipolarity'.
"All of this is also going to reflect on currencies and economic dealings. So it is, the era of American dominance is also an era of dollar dominance, an era of a certain, you know, a certain hedging and a certain spread. Other factors will come into play," he added. "It will be more competitive, even in currencies."
India, and other countries in the BRICS group, have frequently spoken about de-dollarisation, the shift away from the dollars towards trade in each others national currencies, while some have even touted the idea of a BRICS currency itself. India has reported increasing issues with trade in dollars with its neighbouring countries, which have seen foreign currency reserves dwindle in recent years.