Pakistan, China and Russia decide to conduct trade in local currencies skip dollars | World Defense

Pakistan, China and Russia decide to conduct trade in local currencies skip dollars

TsAr

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Pakistan, China and Russia decide to conduct trade in local currencies skip dollars

The eight-member countries of the Shanghai Cooperation Organization (SCO), including China, Russia, and Pakistan, have made the principle decision to conduct bilateral trade and investment and issue bonds in local and national currencies instead of US dollars.

As per details, a road map will be finalized and signed at SCO’s Finance Ministers’ meeting in Moscow on March 18th.

Russia, as chairman of the Shanghai Cooperation Organization, has called for suggestions from all member states for trade and investment in local currencies. After a detailed review of these proposals in Moscow’s meeting, a system of mutual settlement of national currencies will be introduced for the member countries of the SCO.

All member states will sign a roadmap for trade and investment in national currencies between member states. Russia has issued the agenda for the SCO’s Finance Ministers’ meeting summoned in Moscow on March 18.

As per reports, the finance ministry of Pakistan has completed preparations in light of the agenda of the conference of finance ministers.

Representatives from the finance ministries and central banks of China, India, Russia, Pakistan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan will attend the SCO conference in Moscow.

In addition, Iran, Afghanistan, Belarus, and Mongolia are the observer countries of the SCO who wish to become a regular member of the organization.

Reports say that if the trade and investment between the member states of the SCO begin in national currencies instead of dollars and pounds, it will be a big breakthrough. It will also strengthen the national currencies of the member countries and promote mutual trade and investment.
 

Counter-Errorist

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We'll need to wait and see how seriously this gets applied. But it's a good beginning and necessary to mitigate American influence in the region.
It will be interesting to see whether GCC decides to involved, particularly seeing that Iran is a side-member.

And if SCO gets serious about bypassing USD, I expect a whole lot more Asian countries throw their weight into this - Bangladesh, Nepal, and Sri Lanka. Turkey might participate non-committally just to piss of the West. And then there's a whole continent of Africa left to entice.
 

Khafee

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We'll need to wait and see how seriously this gets applied. But it's a good beginning and necessary to mitigate American influence in the region.
It will be interesting to see whether GCC decides to involved, particularly seeing that Iran is a side-member.

And if SCO gets serious about bypassing USD, I expect a whole lot more Asian countries throw their weight into this - Bangladesh, Nepal, and Sri Lanka. Turkey might participate non-committally just to piss of the West. And then there's a whole continent of Africa left to entice.
If Pakistan is always late to the game, doesn't mean the rest of the world is in snooze mode as well. A few links below:

UAE, China sign pact for bilateral currency swap
December 14, 2015

UAE-China currency swap expected to boost trade
December 12, 2018
In a statement on Tuesday, the UAE central bank said it cleared transactions worth $7.01 billion (44.57 billion yuan; Dh25.74 billion) from January up to November 2018 through the Renminbi Clearing Centre in the UAE. The centre was launched in May 2017 to boost trade between the two countries.

“Renminbi clearing has become increasingly important as the UAE and Chinese governments deepen their cooperation to further the ‘Belt and Road Initiative’ and work towards establishing sustainable trade and investment partnerships,” a statement said..


Excerpt only, pls click title for more details.
 
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