BRICS: India Asks Ethiopia to Ditch US Dollar, Trade In Local Currency
BRICS member India is urging Ethiopia to ditch the US dollar and settle trade in local currency. Ethiopia is also a new member of BRICS as the alliance inducted the country during the 15th summit in August. The summit in Johannesburg inducted six new countries Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia. Except for Argentina, all the other nations are oil-producing countries that export millions of barrels across the globe every year. Also Read: BRICS: Russia Outperforms US Dollar by Dumping Yuan & Ruble Currencies Ethiopia is the fastest-growing economy in Africa and will also allow India ’s UPI payment system to enter the continent. The top 3 India n companies have invested $5 billion in Ethiopia in sectors like agriculture, engineering, water management, pharmaceuticals, and healthcare. BRICS: India Urges Ethiopia To Use Local Currency For Payment & Not US Dollar Source: Forbes / GettyImages The new BRICS member Ethiopia has now been asked...