India switches to Rupees rather than U.S. Dollars for International Trade – 18 Countries Agree to Trade in Rupees
Joe Biden’s poor economic policies have prompted concerted efforts to reduce the world’s dependency on the dollar.
According to Reuters, India’s new foreign trade policy became effective on April 1. Commerce Secretary Sunil Barthwal stated during a news conference in the nation’s capital, New Delhi, that the South Asian country is prepared to trade in rupees with countries lacking in dollars in order to “disaster-proof” them and essentially increase its exports.
The Reserve Bank of India allowed the opening of 60 different special rupee vostro accounts (SVRAs) for correspondent banks from 18 different countries, according to Bhagwat Karad, India’s state minister for finance. Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom are among the nations mentioned.
Mexico’s Potential Move to Join BRICS:
As America’s southern neighbor, Mexico has long played a crucial role in the geopolitics and economic stability of the region. However, Mexico is now seriously considering joining the BRICS group, which could have far-reaching negative implications for the United States economically.
BRICS is an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The organization aims to promote economic cooperation and development among its members. The recent announcement that Mexico is contemplating joining this group has left conservative analysts concerned about the potential consequences for the United States.
Should Mexico become a member, it could signal a shift in the country’s geopolitical allegiance, moving it closer to countries such as Russia and China, which have been adversaries of the U.S. on multiple fronts.
The Biden administration’s policies have significantly weakened the U.S.’s global standing and created opportunities for its adversaries to exert more influence over its neighbors. Mexico’s potential move to join BRICS would be a direct consequence of this decline in American power. The Biden Administration’s perceived weakness and political corruption and lack of decisive action in areas such as border control and trade policies seem to have pushed Mexico, along with many other countries, to seek new alliances that better align with its interests.