While our eyes and minds are diverted by the US-China Trade War, President Trump’s twitter feed, conflicts in the Middle East, domestic politics, sport and celebrity gossip, we’re missing some important events and announcements emerging from recent meetings between the leaders of China, Russia and India. These “Big Rapidly Industrialising Countries” (often referred to as the ‘BRICs’, when Brazil is included) are ramping up their bilateral trade relationships, ditching the USD in favour of their national currencies and investing in emerging industries.
During Indian PM Modi’s visit to Vladivostok for the annual Eastern Economic Forum earlier this month:
- Moscow and New Delhi signed 15 agreements on areas ranging from defense to energy. The Indian leader also pledged $1 billion in credit to the Russian Far East, “a region in which the Kremlin has long sought to spur economic growth”.
- Trade turnover between Russia and India – which grew by 17% last year to $11 billion – is expected to triple by 2025, reaching $30 billion.
- Both leaders announced their intention to settle trades between Russia and India in their own national currencies, rather than USD
Other recent news includes:
- Chinese Premier Li Keqiang made a three-day visit to Moscow which included an announcement to double China-Russia trade over the next five years (to US$200 billion by 2024, from US$107 billion last year) through joint projects in the fields of energy, industry, hi-tech and agriculture.
- Prime Minister Narendra Modi will host Chinese President Xi Jinping for a two day informal summit near Chennai on October 12
I couldn’t find anything about any of these recent events in local media outlets, and had to search further afield for more news and details. There’s more to come!