In the latest adherence to the BRICS de-dollarization efforts, India and Egypt have held discussions in attempts to ditch the US dollar within their trade relations. Indeed, Egypt was one of six nations invited to join the bloc at its 2023 annual summit. Now, its trade with the original BRICS member is set to be settled in local currencies.
India has been one of the most ardent supporters of the bloc’s efforts to lessen international reliance on the US dollar. The nation had also requested that the US dollar be abandoned in trade relations with Ethiopia. Subsequently, it settled a landmark oil deal with the United Arab Emirates (UAE) in local currencies.
Source: Reuters / Jason Lee
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