India pushing for trade in local Currency
Munawar Zaman
Press TV, New Delhi
In a bid to ditch the US dollar and evade illegal US sanctions, New Delhi is taking drastic measures to boost its own currency in international trade.
Experts say Western sanctions on Russia prompted rupee-ruble transactions as an alternative to the US dollar. They say other countries should follow suit. The South Asian nation aims to achieve the goal of two trillion dollars of exports by 2030 as the new India trade policy will help settle trade disputes faster without any roadblock.
India is among several countries exploring means of trading with other countries in an effort to bypass the dollar, which has been dominating the international trade for decades. In recent weeks, New Delhi has signed a pact with Malaysia, allowing trade in local currency. Economists say this will help promote trade between the South Asian nations as Ukraine war has put pressure on their foreign exchanges due to rising oil and food prices.
Like many developing countries, India is also holding key discussions with its financial partners on trading in rupees, including key oil suppliers such as Iran, Saudi Arabia and the United Arab Emirates. India has already established a rupee-ruble payment mechanism with Moscow.
Since July last year, 18 countries have set up a rupee account with Indian banks and are now making efforts to circumvent the dollar for trade. China and Russia have already taken major steps to avoid the impact of US sanctions. They are also exploring options to promote the use of their own currencies.
The decision by a growing number of countries to trade in their local currencies is aimed at reducing reliance on the US dollar as a dominant currency for international trade. Experts say the move would encourage closer economic cooperation among nations.
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