Russia & India Settle $40B Trade in Local Currency: A BRICS Milestone

• Record High in Bilateral Trade Between Russia and India Amid BRICS' De-Dollarization Efforts
• Unprecedented Success in BRICS Alliance
• Russia and India Setting New Records in Trade
• Impact on the BRICS Bloc

Record High in Bilateral Trade Between Russia and India Amid BRICS' De-Dollarization Efforts

Both Russia and India have reached a new milestone in their economic exchanges, settling $40 billion worth of trade in their local currencies. This record has been achieved within the first three quarters of 2023, reflecting a historic high in trade involvement among the BRICS nations. Addressing this milestone, Russia's Deputy Minister of Economic Development, Dmitry Volvach, projected that the current year will set a fresh historic high in mutual commerce.

Unprecedented Success in BRICS Alliance

The BRICS alliance has seen an unprecedented success this year from a geopolitical perspective. The alliance has been proactive in its de-dollarization efforts, taking significant strides towards its aims of global multipolarity. Not only has it added five additional nations to its membership ranks, but it has also witnessed numerous economic milestones as the year 2023 nears its end.

Russia and India Setting New Records in Trade

Recent data highlights that the bilateral trade between Russia and India, conducted in their local currencies, has reached a value of $40 billion. This amount, accounted for in just the first three quarters of the year, signifies an all-time high for the two nations. Russia attributes this surge in trade to its growing import measures, which have opened new opportunities for trade with India. Additionally, Russian exports to India have more than doubled within the year's first three quarters, resulting in trade activity worth more than 3.5 trillion rubles.

Impact on the BRICS Bloc

The burgeoning bilateral trade relationships within the BRICS nations are expected to further their broader objectives. In particular, the collective's de-dollarization strategy to reduce Western influence overseas is likely to benefit from increased local trade activity. As trade activity is projected to extend its growth curve into 2024, these record highs are expected to be frequently challenged. This prediction is especially relevant as the five newly inducted nations prepare to formally join the alliance.

Edited by Jonathan Stoker