'India has never been for de-dollarization, no proposal for BRICS currency,' says EAM S Jaishankar

Summary

In this interview, India’s Foreign Minister discusses the evolving relationship between India, the U.S., and global geopolitics. He reflects on India's solid ties with the Trump administration, highlighting cooperation in the Indo-Pacific and the Quad, despite some trade tensions. The conversation also touches on the complexities of global issues, such as the Israel-Palestine conflict, Iran-Israel tensions, and the challenges in the Middle East. Emphasizing the need for innovative and participative diplomacy, the minister calls for a broader, more engaged approach to international conflict resolution.

Takeaways

• 😀 India and the U.S. share a strong diplomatic relationship, with Prime Minister Modi and President Trump having a close personal rapport.
• 😀 Despite trade-related tensions like tariffs, India and the U.S. have significant political convergence, particularly in global issues like the Indo-Pacific region.
• 😀 India does not support dollarization and has no interest in undermining the U.S. dollar in the international financial system.
• 😀 The BRICS countries, including India, do not have a unified stance on financial matters such as a common currency, and India is not advocating for a BRICS currency.
• 😀 The relationship between Israel and Iran has become more volatile, with the potential for direct conflict now being a real concern, unlike two years ago.
• 😀 The security situation in the Red Sea has significant global implications, particularly for shipping in Asia, requiring international attention.
• 😀 Global diplomacy needs to be more participative and innovative, with countries stepping up to address a wider array of conflicts and challenges.
• 😀 Diplomatic engagement is crucial in resolving complex conflicts like Ukraine, Myanmar, and those in the Middle East.
• 😀 India believes in more vigorous and inclusive diplomacy, stepping beyond traditional power structures to address global challenges more collaboratively.
• 😀 The era of a few major powers managing global security is over; all countries must play a role in solving international problems and contributing to peace.

Q & A

What was the nature of the relationship between Prime Minister Modi and President Trump during his first term?

Prime Minister Modi and President Trump had a very close and solid relationship during Trump's first term. While there were some trade-related issues, their political convergence outweighed the differences, particularly in the Indo-Pacific region and global security matters.

What is India's stance regarding the potential use of a BRICS currency?

India has expressed that it is not in favor of dollarization and has no interest in weakening the dollar. While BRICS discusses financial transactions, there is no proposal to adopt a BRICS currency at present.

How did President Trump's remarks about BRICS and tariffs impact India?

President Trump's remarks about imposing high tariffs on BRICS countries and other regional economic threats did not significantly alter India's position. India maintains strong trade relations with the United States, and India’s economy is not looking to weaken the dollar as a currency.

What is the importance of the Indo-Pacific in U.S.-India relations?

The Indo-Pacific has become a key area of collaboration between the U.S. and India, particularly after President Trump revived the Quad alliance. The U.S. and India, along with other regional players, have made new commitments to strengthen security and economic ties in the region.

What is India's perspective on the growing tensions in the Middle East, specifically regarding Palestine and Israel?

India recognizes the core issue in the Middle East as the Palestine-Israel conflict. It is concerned about the widening of the conflict, particularly with the involvement of Iran and the impact on regional shipping routes. India advocates for diplomatic efforts to address these tensions.

What role does diplomacy play in addressing global conflicts according to the transcript?

The transcript emphasizes that global conflicts, while complex and challenging, require vigorous and innovative diplomacy. It calls for a more participatory approach to diplomacy where countries, not just major powers, take proactive roles in conflict resolution.

What does the speaker say about the era of major powers managing global security?

The speaker asserts that the era where only major powers, particularly Western nations, managed global security through the UN Security Council is over. Now, it is crucial for all countries, regardless of size, to step forward and contribute to global diplomacy and peacekeeping efforts.

How does the speaker view the current diplomatic efforts in the Middle East, particularly in relation to Qatar?

The speaker highlights Qatar’s diplomatic efforts as an example of proactive engagement in regional conflicts. Qatar is seen as stepping forward in addressing issues like the ongoing conflict between Israel and Palestine, showing the importance of more countries taking bold steps in diplomacy.

What are the broader geopolitical concerns raised in the transcript regarding Iran, Israel, and the Red Sea?

The transcript raises concerns about the potential escalation of tensions between Israel and Iran, especially in the context of the Red Sea. The impact on global shipping routes, particularly in Asia, is significant, and such conflicts could have far-reaching consequences for regional stability.

What does the speaker suggest about the approach to conflicts like the one in Myanmar?

The speaker criticizes the approach of sidelining conflicts like Myanmar, suggesting that such issues cannot be ignored and require active diplomatic attention. A more inclusive and innovative approach to global conflicts is needed, rather than relying on inaction or disengagement.