India and China to Abandon US Dollar for Imports within BRICS Framework
India and China to Abandon US Dollar for Imports within BRICS Framework In a significant move towards reshaping global trade dynamics, India and China have reached a mutual agreement to phase out the US dollar for imports. This decision, made within the BRICS (Brazil, Russia, India, China, and South Africa) framework, marks a pivotal shift in the international economic landscape. By embracing alternative currencies for trade, these two economic giants aim to reduce their reliance on the dollar, foster regional cooperation, and enhance economic stability. Background of BRICS Collaboration The Rise of BRICS BRICS is an acronym for an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. Formed in 2009, BRICS represents a significant portion of the world's population and economic output. The group aim s to promote peace, security, and development on a global scale, emphasizing the importance of mutual cooperation and reforming inte...