Russia, Pakistan mulling possibility of doing business through barter
#Dedollarization

Russia and Pakistan are considering barter as a possible business opportunity, Energy Minister of the Russian Federation Nikolay Shulginov told reporters on Friday following a meeting of the intergovernmental commission on trade and economic cooperation with Pakistan.

Pakistan also invited Russia to partake in the country’s promising projects under the public private partnership (PPP) mechanism.

"The Russian side was invited to participate in promising projects of Pakistan’s federal and regional governments, including under the PPP mechanism, and it turned to representatives of Russian business asking them to explore those possibilities," the minister added.
The sides also agreed to share information for developing and improving railway and motor transport infrastructure.

Moreover, Russia and Pakistan reached agreements on issues connected with sharing information on certificates of origin of goods using an electronic verification system, and they will do their best to complete work on those protocols by the end of May 2023.

https://tass.com/economy/1565089
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Brazil and Argentina to start preparations for a common currency

Brazil and Argentina will announce this week that they are starting preparatory work on a common currency, the Financial Times reported on Sunday.

The plan, set to be discussed at a summit in Buenos Aires this week, will focus on how a new currency which Brazil suggests calling the "sur" (south) could boost regional trade and reduce reliance on the U.S. dollar, FT reported citing officials.

#Dedollarization #MultipolarWorldOrder

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The dollar's dominance of global trade and investment flows is facing a slew of new threats as many countries push plans to boost the use of alternative currencies.#dedollarization

Nations from China and Russia to India and Brazil are pushing for settling more trade in non-dollar units – with plans ranging from the use of local currencies to a gold-backed stablecoin and a new BRICS reserve currency.

Here are five currency projects from across the world that are ultimately aimed at undermining the dollar's supremacy.

1) Brazil and Argentina plan a common currency

Brazil and Argentina recently announced they are gearing up to launch a joint currency, named the "sur" (south), that could eventually become a euro-like project embraced by all of South America.

2) Russia and Iran eye a gold-backed stablecoin

Russia and Iran are working together on a cryptocurrency backed by gold — a 'stablecoin' that could replace the dollar for payments in international trade.The two countries, both of which have been hit by Western sanctions, want to issue a "token of the Persian region" for use in crossborder transactions, with a plan to launch it in a special economic enclave in Astrakhan in southern Russia, which already handles Iranian shipments

3) UAE, India look at using rupees in non-oil trade

Meanwhile, the United Arab Emirates and India have floated the idea of conducting non-oil trade in rupees. The move would build on a free trade agreement signed last year, which aims to boost trade between the two countries.

4) China pushes for the yuan to replace the dollar in oil trades

China, for another, is looking to weaken the dollar by pushing for the yuan to replace the greenback in oil deals, given its increased trade with Russia after it invaded Ukraine. 
The move looks to chip away at the petrodollar regime in place since the 1970s, where global oil transactions are largely settled in dollars. 

5) Russia, China propose a new reserve currency

Last year, Russia and China kickstarted talks to develop a new reserve currency with other BRICS countries in a challenge to the dollar's dominance. 
The new reserve unit would be based on a basket of currencies from the group's members: Brazil, Russia, India, China, and South Africa.

Original article by : Business Insider

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Russia will use Chinese Yuan for financial transactions between Russia and the countries of Africa, Asia, and Latin America. #dedollarization

Putin, at talks with Xi Jinping: National currencies are increasingly being used in mutual trade; this practice should be further encouraged, and the mutual presence of financial and banking structures in our countries' markets should be expanded. Already, two-thirds of trade between our countries is done in rubles and yuan. We are in favor of using the Chinese yuan for settlements between Russia and the countries of Asia, Africa, and Latin America. I am confident that these forms of settlement in yuan will develop between Russian partners and their counterparts in third countries.

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