Credits: currentaffairs.adda247.com
To trade non-oil goods in Indian rupees, the United Arab Emirates and India are now in preliminary talks.
According to Dr. Thani Al Zeyoudi, the UAE’s minister of foreign trade, early negotiations are underway with India to trade non-oil commodities in Indian rupees. The topic of making non-oil trade payments in local currencies had also been brought up, according to the minister, by other nations, notably China. The UAE hopes to complete a trade agreement with Cambodia in the first quarter, he added.
Significance of the Move:
The move would expand upon a 2022 deal that sought to double non-oil commerce between the two nations to $100 billion by 2027. Trading in Indian rupees would also represent a significant shift away from the US dollar, which now rules the world’s commodities markets and commerce with countries bordering the Persian Gulf. This week, the finance minister of Saudi Arabia also declared willingness to conduct business in non-dollar currencies.
India and China are among the main trading partners of Gulf Arab oil and gas exporters, whose currencies are mostly pegged to the dollar. They are pushing commerce in local currencies. China has also considered using local currencies other than the dollar to settle non-oil transactions. Despite the fact that the majority of trade in the Gulf is done in dollars, China and India are both moving further toward using local currencies due to cheaper transaction costs.
A Different Route Iran and Russia:
The risks of reliance on the dollar were also brought to light by Western sanctions imposed in reaction to Russia’s invasion of Ukraine and the freezing of the Kremlin’s foreign exchange holdings. According to reports, Russia and Iran are collaborating to introduce a cryptocurrency called a “stablecoin” that is backed by gold and is intended to take the place of the US dollar as a medium of exchange for payments in global trade.
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