Saturday, June 3, 2017

India and Russia may soon conduct trade using bi-lateral currencies as India begins negotiations to join the Eurasian Economic Union

When the Chairman of the World Economic Forum (Davos) said earlier today at the St. Petersburg International Economic Forum (SPIEF) that the Russian based conference is now on par his own global confab, he wasn't pulling any punches because the reality is, SPIEF has become one of the most important global get-togethers between nations and businesses in the world.

Klaus Schwab, the founder and executive chairman of the Davos World Economic Forum (WEF), acknowledged that the St. Petersburg International Economic Forum (SPIEF) has now become as well-known and prestigious as WEF, Sberbank CEO German Gref said Saturday. 
MOSCOW (Sputnik) — The CEO of the largest Russian bank noted that a forum's success cannot be measured by the number of agreements signed at the event because a lot of work precedes any deal and a forum is only used as a platform for signing the agreement. 
"As a whole the forum, the organization of the forum is on a good level. The founder and head of the Davos World Economic Forum professor Schwab… said that if before we were transferring experience to the St. Petersburg Forum, now we can state that we are the two equal forums. It is a very high appraisal from a person who had created the largest forum in the world," Gref said. - Sputnik News
And as an example for just how much SPIEF has become economically important to global finance, on June 3 India signed on with Russia to conduct negotiations about joining up with the Eurasian Economic Union (EEU), and to perhaps one day soon begin conducting trade in each other's bi-lateral sovereign currencies.

The Russia-led Eurasian Economic Union (EAEU) and India signed a petition on the beginning of talks to establish a free trade area, a Sputnik correspondent reported Saturday. 
The petition was concluded during the St. Petersburg International Economic Forum (SPIEF) by Eurasian Economic Commission (EEC) Trade Minister Veronika Nikishina and India's Commerce and Industry Minister Nirmala Sitharaman. 
"We are at the very beginning of this road. Usually such difficult negotiations are carried out for several years. That is why we do not know when they will finish. But we will try to implement it in a reasonable timeframe. A period of two to three years will be a very successful result," Nikishina told Sputnik. - Sputnik News
Regarding bi-lateral currency use:
Moscow and New Delhi have not yet worked out details on when to introduce bilateral trade in national currencies, Nirmala Sitharaman, India's Minister of State for Commerce and Industry, told Sputnik on Saturday. 
On Thursday, Russia and India signed a joint declaration on coordinating efforts to introduce trade in national currencies to reduce dependence on other currencies.
India is the seventh largest global economy and already a member of the BRICS coalition.  So to have them embarking on a quest for de-dollarization when it comes to future trade agreements will manifest into an incredibly shocking blow to dollar hegemony.


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