BRICS: India & Saudi Arabia Begin Discussions to Ditch US Dollar

"Both India and Saudi Arabia initiated trade deals worth $52.76 billion in 2022–23. While India exports $10.73 billion, it imports $42.04 billion worth of goods and commodities from Saudi Arabia. However, India’s trade deficit with Saudi Arabia stands at $31.31 billion as of FY2022-23."
"Ausaf Sayeed, the external affairs secretary, confirmed that the talks are at the “discussion stage”.
He said:
"“The two sides have started discussing this. It is only at a discussion stage, proposals and concept notes have been exchanged. The Saudi side is aware that we have worked out similar arrangements with other countries in the region.”

Source:

https://watcher.guru/news/brics-india-saudi-arabia-begin-discussions-to-ditch-us-dollar

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