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?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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