BRICS To Accept Local Currencies for Fish Exports, Sideline US Dollar
BRICS is looking to dominate the food and crops sector and reduce the US dollar’s hegemony for trade settlements. Russia recently proposed a plan to allow countries to settle trade in local currencies for grain exports. The plan termed ‘grain exchange’ allows import and export companies to buy grain directly from farm producers and firms. The exchange could be initiated in local currencies sidelining the US dollar. However, BRICS has now gone a step further and plans to use the same mechanism for fish exports, where local currencies will be the primary mode of payment and not the US dollar. Also Read: 10 SCO Countries Ready To Ditch US Dollar For Trade BRICS member China is the second biggest exporter of fish in the world exporting $10.40 billion worth of seafood. Its counterpart, India also exports nearly 17% of its fish and seafood products around the globe. The total worth of India’s Fish Exports stands close to $4.6 billion a year. Russia is looking to mon...