India, in agreement with Nigeria – which is seeking formal BRICS membership – is strengthening its economic ties together with a local-currency debt settlement.
Their agreement, overseen at the second session of the India-Nigeria Joint Trade Committee (JTC) held in the Nigerian capital, Abuja, also includes local currency trade for energy, pharmaceuticals, and transportation.
Nigeria is India’s second largest trading partner. ‘Bilateral trade between the two countries stood at $11.8 billion in 2022-23. In 2023-24, bilateral trade stood at $7.89 billion, showing a declining trend,’ RT noted.
The Indian commerce and industry ministry said in a statement:
Both sides agreed to the early conclusion of the Local Currency Settlement System Agreement to further strengthen bilateral economic ties.
These include resolving of market-access issues of both sides, and cooperation in key sectors such as crude oil and natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement system, power sector and renewable energy, agri- and food processing, education, transport, railway, aviation, MSMEs [Ministry of Micro, Small and Medium Enterprises].
More recently, India and China have agreed to ditch the dollar to trade with Maldives in local currencies.
According to Business Today, the Maldives plans to launch India’s RuPay service “to bolster the Maldivian Rufiyaa”, per a senior minister of the Maldives. Minister of Economic Development and Trade Mohamed Saeed talked about the soon launch of India’s RuPay while also announcing how both India and China have agreed to use local currency in bilateral trade.
‘Maldives imports goods worth $780 million from India and $720 million from China, as per the minister who had said in April that Maldives was discussing payments for imports in rufiyaa with India and China,’ Business Today reports.
The upcoming launch of India’s RuPay service is anticipated to further bolster the Maldivian rufiyaa (MVR).
We are negotiating with both sides to make arrangements for us so that, for example, for imports from China, the shipping company can bring the invoice and the payment can be settled by converting Maldivian Rufiyaa to their local currency through the banks, instead of U.S. dollar.
Saeed told state-run PSM News.
Cryptopolitan noted in a report: ‘In July 2023, the Government of India declared that Maldives was among the 22 countries allowed to open Special Rupee Vostro Accounts (SRVAs) by the Reserve Bank of India. Speaking to a state-run media outlet, Saeed stated, “Maldives imports between $600-700 million in commodities from both India and China each year. Therefore, we import around $1.4 billion to $1.5 billion in commodities annually from both markets combined.”’
Moreover, the Maldives have previously signaled their desire to exit out of the U.S. dollar.
Saeed said last month there’s a strong chance the island nation will begin making payments in currencies other than the dollar. “The decision to accept local currencies and not the U.S. dollar for payments is now in BRICS member India’s court,” he stated.
According to an International Monetary Fund (IMF) outlook, India and China are poised to see the highest economic growth this year with other BRICS members not too far behind, while the U.S. and other G7 nations are projected to have stagnate growth.
AUTHOR COMMENTARY
Once again, the U.S. dollar is on its last leg and lifecycle. The currency is on the outs and the world is increasingly dumping it at rising speeds. The news is not being reported in U.S. and Western media, save only for a few crypto publications, and this is of course because they want to keep the broad masses comatose to what’s transpiring, and how their way of life will collapse very soon, while those with money, power and connections make the adequate moves to protect their wealth and get in early.
The American empire is over, and it died in 2020: of all of this is just a formality. The dollar no longer being the world reserve currency will not happen overnight, but we are rapidly getting closer to that point, which I personally believe will be by 2025 or 2026 at this current pace. But we shall see as more of these moves develop.
Job 12:23 He increaseth the nations, and destroyeth them: he enlargeth the nations, and straiteneth them again.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Jacob, when you state that “those with money, power…make the adequate moves to protect their wealth and get in early…” what are they buying or what are they doing? Clearly we are to be kept in the dark, but what are our alternatives other than the standard types of hard assets?
I’ll be talking about this in other reports, so stay tuned.
Some are using AI to preserve wealth. They are buying sustainable assets that not only generate wealth but also preserve what they have. There are cases of them buying doomsday bunkers.