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    Question

    In May 2024, India agreed with which country to work

    towards an early conclusion of the Local Currency Settlement System Agreement for enabling trade in domestic currencies?
    A South Africa Correct Answer Incorrect Answer
    B Nigeria Correct Answer Incorrect Answer
    C Brazil Correct Answer Incorrect Answer
    D Russia Correct Answer Incorrect Answer
    E Kenya Correct Answer Incorrect Answer

    Solution

    In May 2024, India and Nigeria agreed to expedite the Local Currency Settlement System Agreement to facilitate trade in their respective domestic currencies. Details- • Purpose: The agreement enables trade transactions and settlement of capital and current account transactions using local currencies. • Additional Discussions: Both countries also explored cooperation in the United Payments Interface (UPI) system at the Joint Trade Committee (JTC) meeting held in Abuja, Nigeria.

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