India Conducts Inaugural BRICS Local Currency Oil Payment to UAE
Introduction : In a groundbreaking move, India has recently made history by conducting its inaugural local currency oil payment with the United Arab Emirates (UAE) under the framework of the BRICS alliance. This significant development marks a shift in traditional global trade dynamics, showcasing the collaborative strength of emerging economies. The BRICS (Brazil, Russia, India, China, and South Africa) bloc has been working towards reducing dependency on major global currencies in international trade. The recent transaction between India and the UAE is a concrete step towards achieving this goal and holds promising implications for the future of economic alliances. Historical Context of BRICS Collaboration: The BRICS alliance was formed with the aim of promoting economic cooperation and development among its member countries. One of the key objectives has been to reduce reliance on the U.S. dollar and other major currencies in international transactions. This move by India reflects t...