Browsing: BRICS India

• Tanzania and India have agreed to trade in local currencies weaning off the use of the US dollar.
• There are advantages of using local currencies in trade versus the traditional dollar.
• Tanzania and India have also agreed on military, maritime, and space technology cooperation.

India’s Ministry of Foreign Affairs Secretary Dammu Ravi has met with Tanzania’s President Samia Suluhu Hassan with reports emerging that the two leaders have among other things, agreed to trade in Rupees, the sub continent’s local currency.

The decision implies that the two countries, with long-running business ties, will effectively wean off using the king dollar as their ‘gold standard’, instead embracing the Indian Rupee as their common currency in exchange for value.

“When international transactions are denominated in local currencies, countries can avoid currency fluctuations and the associated risks. This stability helps to mitigate exchange rate volatility, reducing uncertainty and facilitating more accurate planning …

• Heads of State from China, Brazil, and India, except Russia will attend the 15th BRICS summit in Johannesburg South Africa, starting August 22.
• President Vladimir Putin will participate in the summit virtually but will be represented in Johannesburg by Foreign Minister Sergei Lavrov.
• The bloc is also expected to discuss how to boost local currency fundraising and lending within the New Development Bank.

The five nations, Brazil, Russia, India, China and South Africa (BRICS) are now a band of economies showcasing their ambition to maximize their emerging economies potential, across geopolitics axis. In one day time, heads of state from China, Brazil, and India, (except Russia) will attend the 15th BRICS summit in Johannesburg South Africa from August 22-24.

South African President Cyril Ramaphosa, Chinese President Xi Jinping, Brazil’s President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi are expected to discuss a number of items as …