Brazil President Lula says need to get to USD 30-40bln of trade with India, but trade deal between Brazil and India not necessarily has to be done in USD
Newsquawk Staff ·
Brazil President Lula says need to get to USD 30-40bln of trade with India, but trade deal between Brazil and India not necessarily has to be done in USD.
What it means
Lula's emphasis on increasing trade with India to USD 30-40 billion signals Brazil's intention to diversify its economic partnerships and reduce reliance on the USD for trade settlements. This move could have implications for USD dominance in trade, and might lead to shifts in currency flows, particularly for BRL and INR. Traders should watch for the broader impacts on dollar liquidity and potential responses from other countries considering similar arrangements.
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