Part 8/11:
- Bilateral Currency Agreements: Recent agreements between China and Indonesia, and other bilateral negotiations, emphasize moving towards trade settlement in national currencies. For example, China and Indonesia have accelerated their push for using local currencies in trade worth around $150 million—an initial yet significant step toward reducing dollar exposure.
Furthermore, many of these countries are members or observers within BRICS, an economic alliance that promotes cooperation among Brazil, Russia, India, China, and South Africa. GCC nations such as the UAE and Saudi Arabia are increasingly engaging with BRICS frameworks, aiming to diversify their financial channels and promote regional stability.