These Latin American, African nations are next in line for India’s bilateral currency settlement drive
Also read: Will the rupee emerge as a global currency? During the Joint Trade Sub-Commission (JTSC) meeting held in New Delhi on August 8, India engaged in discussions regarding the possibility of establishing a bilateral currency trade settlement with Vietnam. Vietnam stands as India's fifth-largest trading partner within the Association of Southeast Asian Nations (ASEAN) region, contributing to 11.2 percent of India's overall trade with ASEAN in the fiscal year 2022-23.
This bilateral relationship holds significance, particularly in sectors such as iron and steel, as well as agricultural and animal products, encompassing commodities like meat products, animal fodder, cereals, and marine products, according to an official statement as reported by moneycontrol. Both sides explored avenues to tap into the substantial untapped potential within bilateral trade.
India is also considering neighbouring nations like Bangladesh and Sri Lanka, which are grappling with currency shortages, for its local currency settlement plan. Also read: Internationalize the rupee while a BRICS currency loses traction Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution, and Textiles, participated in the 13th BRICS Trade Ministers’ Meeting virtually, hosted by South Africa as part of its BRICS Presidency on August 7th.
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