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 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> is urging Ethiopia to ditch the US dollar and settle trade in local currency. Ethiopia is also a new member of <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> as the alliance inducted the country during the 15th summit in August. The summit in Johannesburg inducted six new countries Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia. Except for Argentina, all the other nations are oil-producing countries that export millions of barrels across the globe every year.</p>
 <p><strong>Also Read: BRICS: Russia Outperforms US Dollar by Dumping Yuan &amp; Ruble Currencies</strong></p>
 <p>Ethiopia is the fastest-growing economy in Africa and will also allow <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>’s UPI payment system to enter the continent. The top 3 <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>n companies have invested $5 billion in Ethiopia in sectors like agriculture, engineering, water management, pharmaceuticals, and healthcare.</p>
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 <h2 class="wp-block-heading" id="h-brics-india-urges-ethiopia-to-use-local-currency-for-payment-amp-not-us-dollar">BRICS: India Urges Ethiopia To Use Local Currency For Payment &amp; Not US Dollar</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="802" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="India flag" class="wp-image-99269 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 300w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 768w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 380w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 550w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 800w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 1024w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 300w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 768w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 380w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 550w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 800w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 1040w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="802" src="https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp" alt="India flag" class="wp-image-99269" srcset="https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 1024w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 300w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 768w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 380w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 550w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 800w, https://cdn.thebittimes.com/images/2023/11/13/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>The new BRICS member Ethiopia has now been asked to explore local currencies for payments and not the US dollar. India urged Ethiopia to look at possibilities to settle bilateral trade in local currencies and cut ties with the US dollar. The move will help boost the native economies of both countries and make their local currencies stronger.</p>
 <p><strong>Also Read: BRICS: U.S. Will Soon Run Out of Paper to Print Dollars</strong></p>
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 <p>Both India and Ethiopia expeditiously address issues regarding trade that mutually benefit their economies. Cross-border transactions in the US dollar could take a back seat if the BRICS members agree to settle trade in local currencies. The development could further weaken the US dollar and send it on a path of decline.</p>
 <p>The bilateral trade between <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> and Ethiopia currently stands at $642.59 million. <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> is the second largest exporter to Ethiopia and asking them to settle trade in local currencies could hamper the US dollar’s prospects.</p>
 <p><strong>Also Read: 3 Ways BRICS Could End U.S. Dollar Supremacy</strong></p>
 <p><strong>“The <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a>n side urged Ethiopia to explore the possibility of settlement of trade transactions in local currency which will help boost bilateral trade and conserve foreign exchange,”</strong> the commerce ministry said.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>ethiopia</li>
  <li>India</li>
  <li>US DOLLAR</li>
 </ul>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-india-asks-ethiopia-to-ditch-us-dollar-trade-in-local-currency-tbt70096.html">https://thebittimes.com/brics-india-asks-ethiopia-to-ditch-us-dollar-trade-in-local-currency-tbt70096.html</a></p>

BRICS: India Asks Ethiopia to Ditch US Dollar, Trade In Local Currency

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