India–Bangladesh Trade Settlement in Indian Rupee
With India and Bangladesh agreeing to settle the payments for their international trade partly in Indian rupee, it can reduce pressure on Bangladeshi dollar reserves.
- Anand Kumar
- August 18, 2023
With India and Bangladesh agreeing to settle the payments for their international trade partly in Indian rupee, it can reduce pressure on Bangladeshi dollar reserves.
Export controls or strategic trade technology control has been used as a significant tool to impose sanctions on Russia, for its military operations in Crimea and Ukraine.
Iran has seen a sudden rise in its importance as a transit and transport hub connecting China and Central Asia to Europe, and also Russia with India.
India and Australia need to take a leadership role in maritime security affairs in the two oceans and have deeper engagements with the Pacific and Indian Ocean island countries.
Historically, navies have been employed for the conduct of trade warfare. However, naval discourse on the subject has ranged from advocacy as prime employment of naval power to relegation as a secondary role that is best avoided. World Wars I and II witnessed wide-ranging application of trade warfare with varying degrees of success. Global seaborne trade has transformed significantly since the great wars, with large merchant fleets servicing an interconnected and globalised trading system.
The value of India’s oil and gas trade with the United States rapidly increased in size over the last two to three years. Efforts by New Delhi to build better bilateral relations with Washington helped to energise the fossil fuel trade. India, as a consumer, can expect to buy oil and gas at reasonable prices in the mid-term, ensured not least by competition among suppliers. However, India’s import of coal from the US suppliers is projected to decline due to recent decision of the Indian Government to become self-sufficient in coal.
China may or may not succeed in transforming Africa into a substitute market. If it does, the bilateral trade relationship is likely to become more unbalanced and tilted in its own favour leading to greater exploitation of Africa.
China’s launch of a yuan-denominated oil futures exchange will provide it with the opportunity to create an Asian crude oil benchmark and give it more clout in crude pricing and for promoting the yuan as a truly global currency.
Globalisation and regionalisation of trade and investment are drawing in all countries and becoming an irresistible trend in Asia. China is at the centre of this new structure. Since 1992 in particular, as investments in labour-intensive manufacturing from Taiwan, Hong Kong, the US, Japan, Europe and Southeast Asia have moved in a rising wave though the open Chinese door, steeply raising its trade profile.