Jaishankar Clarifies ‘No Policy’ To Replace US Dollar: ‘Want More Economic Stability'

Jaishankar discussed India's foreign policy, regional dynamics, and global challenges in UK. He provided updates on the India-UK FTA and clarified that India does not seek to replace the US dollar.

External Affairs Minister S Jaishankar In UK's Chatham house.

Source : PTI

External Affairs Minister S Jaishankar participated in an insightful discussion with Bronwen Maddox, the Director and Chief Executive of Chatham House in the UK. According to news agency ANI, the conversation addressed India’s evolving foreign policy, the regional dynamics, and the global economic challenges.

During the disccusion, the External Affairs minister clarified that there is no active policy to replace the US dollar on the issue of global economic stability. He also underlined the importance of working closely with the United States, recognising its key role in the international order while supporting a multipolar world.

#WATCH | London | EAM Dr S Jaishankar says, "I don't think there's any policy on our part to replace the dollar. As I said, at the end of the day, the dollar as the reserve currency is the source of international economic stability, and right now, what we want in the world is… pic.twitter.com/QicIvZby3i

— ANI (@ANI) March 5, 2025

Jaishankar shared updates on the progress of the India-UK Free Trade Agreement (FTA) during the session and also emphasised its potential to strengthen economic ties and promote mutual growth, according to an official statement, reports news agency ANI. He also highlighted the complexities of maintaining balance with the neighbouring countries, particularly China, stressing the importance of creating stable and respectful relationships amid shifting regional dynamics. 

The External Affairs minister clarified that there is no active policy to replace the US dollar on the issue of global economic stability. He also underlined the importance of working closely with the United States, recognising its key role in the international order while supporting a multipolar world.

Jaishankar Describes Criticisms On Human Rights As 'Political'

Addressing concerns around human rights, the External Affairs Minister described such criticisms as largely political and asserted that India’s democratic institutions remain robust, fair, and committed to protecting rights, the statement observed.

Further, Jaishankar expressed optimism about India’s expanding role in the field of global research, innovation, and enterprise, reinforcing the country's commitment to contributing meaningfully to the global economy and knowledge sectors.

The Union External Affairs Minister, Jaishankar, is on an official visit to the United Kingdom and Ireland from March 4 to 9 to provide the renewed impetus to India’s friendly ties with both the UK and Ireland. 

According to the release by the Minister of External Affairs, India and the UK share a Comprehensive Strategic Partnership, which has strengthened across diverse areas, including defence and security, trade and economy, health, education, and people-to-people ties.

Speaking on India’s relationship with China, Jaishankar said that New Delhi wants a stable relationship in which our interests are "respected and sensitivities are recognised."

"The key issue is how to create a stable equilibrium and transition into the next phase of equilibriums. We want a stable relationship where our interests are respected, our sensitivities are recognized, and where it works for both of us. That is really the main challenge in our relationship," Jaishankar said on the Indian-China relationship as quoted by news agency ANI.