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 <p>BRICS members India and Saudi Arabia might soon ditch the U.S. dollar and trade in local currencies. India is the second-largest trading partner with Saudi Arabia, and Saudi is the fourth-largest trading partner with India. The two nations have begun discussions to settle cross-border transactions with their respective native currencies. India and Saudi Arabia expedited negotiations this week and are reviewing various options to use local currency for trade.</p> 
 <h2 class="wp-block-heading" id="h-brics-india-amp-saudi-arabia-looking-to-trade-in-local-currency-end-us-dollar-reliance">BRICS: India &amp; Saudi Arabia Looking To Trade In Local Currency, End US Dollar Reliance</h2> 
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 <p>Both <a rel="dofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> and <a rel="dofollow" title="Saudi Arabia" href="https://thebittimes.com/tag/saudi-arabia.html">Saudi Arabia</a> initiated trade deals worth $52.76 billion in 2022–23. While <a rel="dofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> exports $10.73 billion, it imports $42.04 billion worth of goods and commodities from <a rel="dofollow" title="Saudi Arabia" href="https://thebittimes.com/tag/saudi-arabia.html">Saudi Arabia</a>. However, <a rel="dofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>’s trade deficit with <a rel="dofollow" title="Saudi Arabia" href="https://thebittimes.com/tag/saudi-arabia.html">Saudi Arabia</a> stands at $31.31 billion as of FY2022-23.</p> 
 <p>However, the development is only at the discussion stage currently, as all proposals and concepts are being reviewed. If the two nations conclude a settlement currency, then the U.S. dollar will no longer be used for trade. Ausaf Sayeed, the external affairs secretary, confirmed that the talks are at the <strong>“discussion stage”</strong>. He said, </p> 
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 <p><strong>“The two sides have started discussing this. It is only at a discussion stage, proposals and concept notes have been exchanged. The Saudi side is aware that we have worked out similar arrangements with other countries in the region.”</strong></p> 
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 <p><strong>“The two leaders expressed their satisfaction at the volume of trade both countries have reached, <a rel="dofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> being the second-largest trading partner of <a rel="dofollow" title="Saudi Arabia" href="https://thebittimes.com/tag/saudi-arabia.html">Saudi Arabia</a>, and Saudi being the fourth-largest trading partner of <a rel="dofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>,”</strong> said Sayeed to MoneyControl.</p> 
 <p><a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries are advancing in pushing forward their respective local currencies and ending reliance on the U.S. dollar. A total of 21 nations have officially agreed to end their dependency on the U.S. dollar. Read here to know how many sectors in the U.S. would be impacted if the <a rel="dofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> ditched the dollar for trade.</p> 
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>India</li>
  <li>Saudi Arabia</li>
  <li>US DOLLAR</li>
 </ul>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/brics-india-saudi-arabia-begin-discussions-to-ditch-us-dollar-tbt62890.html">https://thebittimes.com/brics-india-saudi-arabia-begin-discussions-to-ditch-us-dollar-tbt62890.html</a></p>

BRICS: India & Saudi Arabia Begin Discussions to Ditch US Dollar

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