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As the final five phases of polls draw closer, rift among <keyword id="20101713" type="General" weightage="20" keywordseo="INDIA-bloc-partners" source="keywords">INDIA bloc partners</keyword>, <keyword id="21533469" type="General" weightage="20" keywordseo="Congress-Left-combine" source="keywords">Congress-Left combine</keyword> and the <keyword id="19942089" type="General" weightage="20" keywordseo="TMC" source="keywords" meta.keywordsubtype="org" meta.entityname="TMC" meta.hostid="153" meta.entityid="TMC">TMC</keyword>, which are fighting separately has intensified, triggering a fierce contest across half of the remaining 36 constituencies in West Bengal driven by local issues such as <keyword id="20074422" type="General" weightage="20" keywordseo="Sandeshkhali" source="keywords">Sandeshkhali</keyword> and the SSC scam. TMC's decision to contest independently in the state, rather than as part of the bloc, has led to a three-way contest, with the other contenders being the BJP and the Congress-Left alliance. Nevertheless, both TMC and Congress have asserted that they are part of the INDIA bloc at the national level and are authentic representatives of the opposition front in Bengal. Political analysts suggest that without a dominant national narrative like national security after the 2019 Pulwama attacks, local concerns such as corruption allegations, the cancellation of School Service Commission (SSC) jobs, incidents in Sandeshkhali and implementation of the <keyword id="19965573" type="General" weightage="20" keywordseo="Citizenship-Amendment-Act" source="keywords">Citizenship Amendment Act</keyword> (CAA) are altering election dynamics. Maidul Islam, a political scientist at the Centre for Studies in Social Sciences, remarked, "Till a few months ago, it seemed the elections in Bengal will be a bipolar contest between the TMC and BJP. But with issues like corruption and Sandeshkhali gaining prominence, the Left-Congress alliance is fast gaining traction in several seats and turning the polls into a three-cornered contest in at least 18-20 LS segments." He said besides the two and three seats in Malda and Murshidabad districts, where TMC and Congress secured two each and the BJP one in 2019, there are 13 seats spread across South Bengal, where the TMC and the Left-Congress alliance are engaging in intense competition. "It's not that the Left-Congress will win many seats, but in segments where their vote share is above 10 per cent, there is a likelihood that they might influence the outcome, to the disadvantage of either the TMC or the BJP, if they manage to secure two per cent more votes," Islam added. According to sources in TMC and CPI(M), the electoral battleground extends beyond Malda and Murshidabad, encompassing Lok Sabha segments like Dum Dum, Srerampore, Arambagh, Hooghly, Howrah, Barrackpore, Bardhaman-Purba, Bardhaman-Durgapur, Bankura, Purulia, Tamluk, Kolkata North, and Jadavpur, all poised for a three-cornered fight. Notably, eight of these seats were won by TMC and the remaining by BJP in the 2019 parliamentary polls. "The shift in dynamics presents the Congress-Left alliance as a significant player, and its emergence complicates the electoral narrative, transcending the conventional TMC versus BJP dichotomy," political analyst Subhomoy Moitra said. While the Left Front is contesting 30 seats, the Congress has fielded candidates in 12 out of 42 seats. "We wanted an alliance with the Congress, but they were delaying the seat-sharing arrangements, so we decided to go alone. Now the Left-Congress alliance is helping the BJP by trying to eat into our votes," remarked TMC leader Santanu Sen. According to TMC leaders, the breakup of INDIA alliance in Bengal has both electoral advantages and disadvantages. "After the Left and Congress alliance fell apart in West Bengal in 2019, it had led to a four-cornered contest with BJP bagging the entire chunk of the anti-TMC votes in the state," they said. In the 2019 Lok Sabha elections, the BJP bagged 18 seats and its vote share rose from 17 to 40 per cent. Meanwhile, despite a 3 per cent rise in vote share, the TMC lost 12 seats, dropping from 34 to 22. The Left drew a blank with a vote share decline from 24 per cent to 6 per cent, and the Congress lost two seats, shrinking its vote share from 9.5 per cent to 5 per cent and bagging just two seats. "Local issues such as corruption and SSC scam are helping the Left-Congress in the state as there is anger among a section of people against the TMC and also against the BJP over the perception of a tacit understanding," a TMC leader said. Analysts observe that <keyword id="43868" type="General" weightage="100" keywordseo="mamata-banerjee" source="Orion">Mamata Banerjee</keyword>'s intensified criticism of Left and Congress, accusing them of aiding BJP, and the ensuing sharp responses from CPI(M) and Congress, alleging a secret pact between TMC and BJP, as indicative of the growing significance of Left-Congress alliance. Data from various local elections and by-polls conducted after 2021 assembly elections indicate a shift in anti-TMC votes as there has been a resurgence of Left-Congress combine. Incidentally, the BJP had witnessed a decline in its vote share as compared to the 2019 Lok Sabha and 38 per cent in 2021 assembly polls. In 2023, violence scarred panchayat polls which covered nearly 70 per cent of the state's electorate, the TMC had bagged 51 per cent of votes whereas the BJP had bagged 22 per cent. The Left-Congress-ISF alliance had, however, bagged 23 per cent votes. The ISF this time, however, has decided to contest alone in 17 seats. Congress leader Suvankar Sarkar emphasized, "People are disenchanted with the TMC and the BJP, as they are both sides of the same coin. People are coming out in large numbers to support the Left-Congress candidates." CPI(M) leader Sujan Chakraborty expressed confidence in the Left-Congress alliance's potential to deliver surprising results in the elections, claiming initial success in breaking bipolar politics in Bengal. BJP state president Sukanta Majumdar downplayed the significance of the rift in opposition alliance and the three-cornered fight in various seats. "People know that BJP is only fighting TMC's misrule in Bengal. Those who want to vote against TMC, will vote for us only just like in the 2019 and 2021 polls," he said. Political scientist Biswanath Chakraborty suggested that TMC stands to gain the most from the three-cornered contest. In minority pockets, the Left-Congress alliance could dent TMC's vote base, potentially aiding BJP's prospects, he noted.

West Bengal Elections: Rift among INDIA bloc partners triggers three-cornered intense contests

<ul><li>Mario Draghi, the president of the <keyword id="6355123" type="LOCATION" weightage="20" keywordseo="eu">Eu</keyword>ropean Central Bank, said that the EU's growth in 2019 would be lower than expected. </li><li>Hence, the EU’s demand for <keyword id="35091" type="CITY" weightage="20" keywordseo="imports">imports</keyword> will decline - something that will be exacerbated by the global trend towards protectionism. </li><li>This will have negative implications for <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>, since the EU is its largest trading partner. </li></ul>Yesterday, Mario Draghi, the president of the European Central Bank, <a href="https://in.reuters.com/article/ecb-policy/ecbs-draghi-warns-of-weaker-growth-ahead-idINKCN1PH2XV?il=0">reaffirmed doubts</a> about the ongoing slowdown in the European Union (EU), adding that growth in 2019 would be lower than expected, due in part to the impending exit of Britain from the EU as well as a sluggish economic growth in China. Given the downward projections for demand and growth in the Eurozone, there will be negative implications for the the bloc’s trading partners. The EU’s demand for imports will decline - something that will be exacerbated by the global trend towards protectionism. India, which counts a number of European countries like Germany, Belgium and Italy among its top trading partners, is likely to suffer a decline in <keyword id="35090" type="COMPANY" weightage="20" keywordseo="exports">exports</keyword> as a result of the slowdown in the EU. Taken together, Eurozone countries account for the <a href="http://ec.europa.eu/trade/policy/countries-and-regions/countries/india/">largest share of Indian trade volumes</a> (13.1%), ahead of China and the US, according to the European Commission. The country’s exports to the EU have been steadily increasing in the last few years, despite stalled progress on a <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> treaty. 
 
 
 
 









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 Since 2007, plans for an India-EU free trade agreement have been <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/eu-india-fully-committed-to-move-forward-on-free-trade-pact-official/articleshow/65919850.cms">in the works</a> but have been repeatedly delayed owing to disagreements over duty cuts on India’s imports of automobiles and dairy products as well as intellectual property rights. India’s top merchandise exports to the EU in 2017 were textiles, machinery and chemicals. Hence, given the risk of oversupply, domestic exporters of these goods will have to crimp production volumes. 
 
 
 
 
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 India’s services exports, a bulk of which constitutes IT services, are also set to take a hit. Total services exports came in at €15.3 billion (₹1.2 trillion) in 2016, making it the <a href="http://ec.europa.eu/trade/policy/countries-and-regions/countries/india/">fourth largest services exporter</a> to the EU. India is counting on export growth to help achieve its economic growth and job creation targets for the coming year. Both the IMF and World Bank have predicted that India’s economy will grow by 7.5% in the coming fiscal year. A reduction in export volumes to the EU will endanger this. SEE ALSO: <a href="https://www.businessinsider.in/india-to-make-a-renewed-push-for-an-important-regional-trade-treaty-that-will-create-the-worlds-largest-trading-bloc/articleshow/66602874.cms">India to make a renewed push for an important regional trade treaty that will create the world’s largest trading bloc</a> <a href="https://www.businessinsider.com/ap-india-looks-to-bolster-partnership-with-eu-2018-9?IR=T">India looks to bolster partnership with EU</a>

A slowdown in the Eurozone points to doom for India's ailing exports

New Delhi, Dec 1 () Japan on Sunday gave clear indications that efforts were on to make India join the ambitious Regional Comprehensive Economic Partnership (RCEP), saying all member countries of the grouping were committed to address New Delhi's concerns.
 After years of negotiations, India last month pulled out of the proposed RCEP over unresolved "core concerns" at a summit meeting of the participating countries, saying the proposed pact in its current form would have adverse impact on lives and livelihoods of all Indians.
 A spokesperson of the Japanese government said Prime Minister Narendra Modi explained India's position on the RCEP during a meeting with Japanese Foreign Minister Toshimitsu Motegi and Defence Minister Taro Kono on Saturday.
 In the meeting, the Japanese ministers explained Tokyo's views on the matter, Deputy Press Secretary in Japan's Ministry of Foreign Affairs Atsushi Kaifu told reporters while referring to a statement issued by RCEP countries in Bangkok on November 4.
 The two Japanese ministers were here to attend the first edition of Indo-Japan defence and foreign ministerial dialogue.
 When asked whether efforts are on to address India's concerns and whether Japan was hopeful of New Delhi joining the grouping, Kaifu said the RCEP statement mentioned that all negotiating countries will work together to resolve outstanding issues.
 "It was mentioned that efforts will be made to address India's concerns," he said when asked whether back-channel talks are on to convince New Delhi to join the RCEP.
 The negotiations for the proposed free-trade agreement included 10 member countries of the Association of Southeast Asian Nations (Asean) and six of the bloc's dialogue partners -- China, Japan, South Korea, India, Australia and New Zealand.
 In their statement, 15 RCEP participating countries said that they concluded text-based negotiations for all 20 chapters and that the deal could be signed early next year.
 In the RCEP summit in Bangkok, Modi conveyed India's decision not to join the RCEP deal at a summit meeting of the 16-nation bloc, effectively wrecking its aim to create the world's largest free trade area having half of the world's population. MPB RT

Japan indicates efforts on to address India's concerns over RCEP

New Delhi, Nov 20 () The government told Lok Sabha on Wednesday that it did not join the mega free trade agreement RCEP as the grouping did not address the outstanding issues and concerns of India.
 Commerce and Industry Minister Piyush Goyal in a written reply to the House said that during the third RCEP Leaders Summit on November 4 in Bangkok, India stated that the current structure did not reflect its guiding principles or address the outstanding issues and concerns of India, in the light of which India did not join the agreement.
 The Regional Comprehensive Economic Partnership (RCEP) bloc comprised 10 Association of South East Asian Nations (Asean) group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners -- India, China, Japan, South Korea, Australia and New Zealand.
 He said that RCEP had provisions on trade remedies which also covers anti-dumping rules.
 "Moreover, India was seeking an automatic trigger safeguard mechanism (ATSM) for tackling import surges," he added.
 Replying to a separate question on start-ups, he said 7,141 start-ups are recognised by the DPIIT during this fiscal till November 5.
 Out of this, a maximum of 1,778 are from Maharashtra. It is followed by Karnataka with 1,374 start-ups, Delhi with 1,152 and Uttar Pradesh with 709.
 In terms of sector, a maximum of 1,351 start-ups are from IT sector. It is followed by healthcare (808), education (658), professional and commercial services (400) and finance technology (362). RR
RVK

RCEP did not address outstanding issues, concerns of India: Goyal

Johannesburg, Top leaders of the BRICS nations on Thursday decided to admit <keyword id="5927" type="General" weightage="20" keywordseo="argentina" source="Orion">Argentina</keyword>, <keyword id="6354912" type="General" weightage="20" keywordseo="egypt" source="Orion">Egypt</keyword>, <keyword id="61936" type="General" weightage="20" keywordseo="ethiopia" source="Orion">Ethiopia</keyword>, <keyword id="41896" type="General" weightage="20" keywordseo="iran" source="Orion">Iran</keyword>, <keyword id="50996" type="General" weightage="20" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> and the <keyword id="6354870" type="General" weightage="20" keywordseo="united-arab-emirates" source="Orion">United Arab Emirates</keyword> as full members of the grouping that is largely seen as a counterweight to Western powers. The decision to induct the six countries to join the bloc from January 1 next year was announced by South African President Cyril Ramaphosa on the final day of the annual summit of the BRICS that currently comprises Brazil, Russia, India, China and South Africa. "We have consensus on the first phase of this expansion process, and further phases will follow," Ramaphosa, flanked by Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva, said at a media briefing at the end of the BRICS summit in Johannesburg. With the entry of the six countries, the total number of members in the grouping is reaching 11 from the current five. The decision to expand the bloc is seen as an effort to reshape global governance while putting the voices of the Global South as a key priority area to advance the overall development agenda. The South African president said an agreement was reached on the "guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been under discussion for quite a while". "We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of BRICS," he added. Around 40 countries had shown interest in joining BRICS out of which 23 formally applied for the membership. In his media statement, Modi said the "expansion and modernisation" of BRICS is a message that all institutions in the world need to mould themselves according to changing times. "India has always fully supported the expansion of the BRICS membership. India has been of the view that the addition of new members will further strengthen BRICS as an organisation, and give a new impetus to all our common endeavours," he said. The prime minister said the decision to expand the bloc will further strengthen the faith of many countries in the multipolar world order. "The expansion and modernization of BRICS is a message that all the institutions of the world should adapt to the circumstances of the changing times," he said. "This is such an initiative that can become an example for the reform of other global institutions established in the 20th century," he added. Chinese President Xi described the expansion of BRICS as a "new starting point" for cooperation in the grouping. "It will bring new vigour to the BRICS cooperation mechanism, further strengthening a force for world peace and development," he said at the press briefing. The grouping took shape in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC). It was renamed as BRICS after South Africa was accepted as a full member in September 2010. At present, the BRICS represents 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade. The BRICS member nations have been the main engines of global economic growth over the years. Speaking remotely, Russian leader Vladimir Putin hailed the expansion. In his remarks, Ramaphosa said the BRICS valued the interests of other countries in building partnership with the grouping. "We have tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit," he said. "Through this Summit, BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous," he noted. In its Johannesburg declaration, the BRICS leaders said they appreciated the considerable interest shown by countries of the global South in becoming members of BRICS. Ramphosa said the BRICS is ready to explore opportunities for improving the "stability, reliability and fairness of the global financial architecture." He said the summit agreed to task the BRICS finance ministers and Central Bank governors to consider the issue of local currencies, payment instruments and platforms and report back to the leaders by the next summit. "We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation," the South African president said. "We addressed our expectations for the BRICS economic partnership to generate tangible benefits for our communities and deliver viable solutions for common challenges faced by the global South," he said. "We shared our vision of BRICS as a champion of the needs and concerns of the peoples of the Global South. These include the need for beneficial economic growth, sustainable development and reform of multilateral systems," he added. The South African leader said the BRICS reiterated its commitment to inclusive multilateralism and upholding international law. On the Ukraine conflict, the BRICS called for peaceful resolution of the crisis. "We recall our national positions concerning the conflict in and around Ukraine as expressed at the appropriate fora, including the UN Security Council and UN General Assembly," the declaration said. "We note with appreciation relevant proposals of mediation and good offices aimed at peaceful resolution of the conflict through dialogue and diplomacy, including the African Leaders Peace Mission and the proposed path for peace," it said.

BRICS decides to admit 6 countries as new members of grouping; focuses on voices of Global South

<ul class="summary-list"><li>Russian President Vladimir Putin is meeting leaders from China, India, Vietnam, and Indonesia amid heavy sanctions.</li><li>Russia seeks to end diplomatic isolation by engaging with "swing nations" beyond autocratic allies.</li></ul>Russian President Vladimir Putin is having a very social year as his country continues to wage war in Ukraine.So far, Putin has met top leaders from Asian countries including <a target="_blank" class="" href="https://www.businessinsider.com/putin-bromance-xi-jinping-display-china-remains-wary-russia-2024-5">China,</a> <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-india-modi-putin-hug-west-isolation-big-blow-2024-7">India,</a> <a target="_blank" class="" href="https://www.businessinsider.com/vietnam-russia-putin-visit-us-wary-manufacturing-supply-chain-diplomacy-2024-6">Vietnam,</a> and <a target="_blank" class="" href="http://en.kremlin.ru/events/president/news/74678">Indonesia.</a> That's plenty of publicity for a heavily sanctioned individual from a country facing sweeping trade restrictions.And there's a strategic reason for all those meetings, Sean McFate, an adjunct professor at the Syracuse University Maxwell School of Citizenship and Public Affairs, told Business Insider.Russia is trying to emerge from diplomatic isolation and is looking to forge strategic relationships beyond autocratic partners like China, North Korea, and Iran, McFate said."Putin is eyeing strategic swing nations like India, which opposes China and trades with Russia," he added. "That gives Russia some advantage over China, as their relationship has chilled somewhat."On Wednesday, Putin rubbed shoulders with <a target="_blank" class="" href="https://www.bernama.com/en/news.php?id=2336886">Malaysian Prime Minister</a> Anwar Ibrahim in Russia. The two countries were set to discuss a range of issues, including trade and investment.This meeting came on the heels of Putin's trip to <a target="_blank" class="" href="https://www.businessinsider.com/mongolia-explained-oil-why-didnt-arrest-putin-2024-9">Mongolia,</a> where he met President Ukhnaagiin Khürelsükh.Mongolia, as a member of the International Criminal Court, should have <a target="_blank" class="" href="https://www.businessinsider.com/putin-visiting-mongolia-icc-arrest-warrant-could-arrest-unlikely-expert-2024-8">arrested Putin,</a> who has an ICC arrest warrant against him.But the East Asian nation said it couldn't throw Putin in jail because it depends on Russia — an oil and gas giant — for its energy security."This supply is critical to ensure our existence and that of our people," a Mongolian government spokesperson told <a target="_blank" class="" href="https://www.politico.eu/article/mongolia-failure-arrest-vladimir-putin-international-warrant-international-criminal-court/">Politico.</a><h2 id="f0d1f4e5-36a9-4e82-ba4c-d30ab06a9d6a">It's about neutrality — and the economy</h2>Mongolia's explanation underscores the scale of Russia's economy. It's the 11th largest in the world and has an annual GDP of about $2 trillion, according to the <a target="_blank" class="" href="https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=true">World Bank.</a>While Russia's economy pales in comparison to the US' $27.4 trillion GDP, Russia is still an important partner for many developing economies.In particular, <a target="_blank" class="" href="https://www.eia.gov/tools/faqs/faq.php?id=709&amp;t=6.">Russia</a> accounts for about one-tenth of the world's oil production, making it an important resource supplier.Before its full-scale invasion of Ukraine, Russia's single largest trading partner was the European Union.In the last two years, Russia has managed to pivot to supplying <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">China and India,</a> as well as nearly anyone who wants to buy discounted energy, be it <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/sri-lanka-source-crude-oil-imports-russia-sanctions-fuel-shortage-2022-10">Sri Lanka</a> when it was in an economic meltdown just two years ago or <a target="_blank" class="" href="https://www.reuters.com/business/energy/turkey-saves-2-bln-russian-oil-imports-soar-despite-sanctions-2023-12-18/">Turkey</a> — a NATO member and aspiring EU member.While some countries, like China and Vietnam, have historical ties with Russia, others, like India and Sri Lanka, have also cited economic self-interest for their ongoing relationship with Russia — particularly if they're in difficult conditions themselves. Most, if not all of them, have also taken a neutral position on the war in Ukraine.Serik Zhumangarin, Kazakhstan's deputy prime minister, told <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-16/kazakhstan-will-not-blindly-follow-sanctions-on-russia-official-says">Bloomberg</a> last month that the country would no longer "blindly follow the sanctions" if the restrictions impact the country's key companies. Russia was Kazakhstan's largest trade partner before the war started.He told the media outlet that some of the sanctions against Moscow had hurt Kazakhstan more than Russia, and the West has done nothing to compensate the Central Asian nation.Using the economy to explain cozy diplomatic relationships with Russia appears to be gaining favor now that the Ukraine war is in its 31st month.After all, Russia is a <a target="_blank" class="" href="https://www.businessinsider.com/russia-resilience-sanctions-costly-unattainable-isolate-large-globally-integrated-economy-2024-2">large and globally integrated economy</a> that even the <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-lng-natural-gas-exports-europe-price-asia-2024-8">European Union</a> is still trying to decouple from.Even China, which in 2022 declared its friendship with Russia as a partnership with "no limits," now appears to be more keen on presenting the relationship in more pragmatic, businesslike terms.Just last month, <a target="_blank" class="" href="https://www.fmprc.gov.cn/chn/gxh/tyb/zyxw/202408/t20240821_11477597.html">China framed</a> Vice Premier Li Qiang's visit to Russia as one that seeks "complementary advantages and huge potential for practical cooperation" between Moscow and Beijing.<h2 id="1d83462f-51a7-4e76-82db-0f7f3244cb44">Russia is wooing the Global South</h2>Partnering with Russia on economic terms is unlikely to alarm the US and Europe, even if there are <a target="_blank" class="" href="https://www.state.gov/briefings/department-press-briefing-july-8-2024/">concerns</a> and <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/us-rebukes-vietnam-ahead-expected-visit-by-russias-putin-2024-06-17/">strong criticism.</a>"Russia's foreign policy blitz is unlikely to be a threat to the EU and NATO," Syracuse University's McFate said.That's because Moscow is not making military alliances with partner countries to attack Europe, which views Russia as its top threat, he said. For the US, Russia is a distant second after China.Even so, there still may be changes afoot.Moscow is pushing a narrative of the Global South as a force in shaping an alternative world order, with the emerging nations of <a target="_blank" class="" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">BRICS</a> — anchored by Brazil, Russia, India, China, and South Africa — forming an economic bloc.Russia is the BRICS chair this year, and Putin has invited Mongolia to join the group's summit in October. Malaysia applied to join the group, and <a target="_blank" class="" href="https://en.antaranews.com/amp/news/324871/joining-brics-based-on-president-elect-prabowos-decision-minister">Indonesia</a> is also considering an invitation to join the bloc. <a target="_blank" class="" href="https://www.reuters.com/world/middle-east/no-concrete-step-turkey-brics-membership-erdogans-party-says-2024-09-03/">Turkey</a> has also said it's interested in joining the group. "Indonesia, Malaysia, and Mongolia are an interesting test of those nations' 'neutrality' toward China, the US, international law (e.g., ICC), and the authority of the United Nations system," McFate said.Russia's push for a multipolar world order resonates with countries who desire a more equitable international order. And Moscow has shown it does have influence over lower- and middle-income countries, as evidenced by the non-participation or low-level participation of some Asian countries in June's Ukraine peace summit in Switzerland, Derek Grossman, a senior defense analyst at RAND, a think tank, wrote in a July <a target="_blank" class="" href="https://www.rand.org/pubs/commentary/2024/07/russia-is-a-strategic-spoiler-in-the-indo-pacific.html">commentary</a> for Foreign Policy."While Russia's sway is not at the level of China's or the United States', it is certainly enough to promote its anti-Western interests and disrupt the already precarious regional order," wrote Grossman.Countries around the world are weighing the dynamics."Regional allies will watch with interest to see if great powers can be played off each other," McFate said.

More countries are openly flaunting their ties with Putin. They say it's just business. 

The single biggest international/economic/political event happening today, no doubt is the great, big and utterly noisy ‘‘<a href="http://www1.businessinsider.in/searchresult.cms?query=brexit&amp;sortorder=effectivedate">Brexit</a>’ 
Vote’. 
 
The world, including India is going crazy over it, and we just wanted to make the noise a little bearable for all those who really didn’t know what it really was all about. Well, the voting has just about begun in the <a href="http://www1.businessinsider.in/searchresult.cms?query=united+kingdom&amp;sortorder=effectivedate">United Kingdom</a> and the all important result of that vote is tomorrow. So, without further delay, read below a primer on literally everything you wanted to know about it. 
 
READ ALSO: <a href="http://www.businessinsider.in/LIVE-BRITAIN-IS-ABOUT-TO-VOTE-IN-THE-HISTORIC-EU-REFERENDUM/articleshow/52879823.cms">LIVE: BRITAIN IS ABOUT TO VOTE IN THE HISTORIC EU REFERENDUM</a> 
 
<keyword id="3438505" type="UNKNOWN" weightage="20" keywordseo="what-is-brexit">What is Brexit</keyword> <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword> is an abbreviation for ‘British Exit’, which refers to a possible British exit from the <a href="http://www1.businessinsider.in/searchresult.cms?query=european+union&amp;sortorder=effectivedate">European Union</a> (EU). It mirrors the term Grexit, which was coined years back refereeing to Greece’s exit from the eurozone. 
 
<a href="http://www1.businessinsider.in/searchresult.cms?query=david+cameron&amp;sortorder=effectivedate">UK Prime Minister David Cameron</a> wants to negotiate a new settlement between <keyword id="11101" type="COUNTRY" weightage="20" keywordseo="Britain">Britain</keyword> and the 27 other members of the EU. There is a proper referendum for this, asking whether people want a Brexit or not. You are eligible to vote if you are a British, Irish or Commonwealth citizen over the age of 18 and you are resident in the UK. 
 
You can also cast your vote if you are a UK national who has lived overseas for less than 15 years. 
 
What is the <keyword id="6355110" type="ORGANIZATION" weightage="20" keywordseo="European-Union">European Union</keyword> (EU) 
The EU is a bloc of 28 countries, a free-trading zone and biggest economy in the world with GDP of over $18,000bn and a population of more than 500 million. 
 
The states in EU are powerful with German Chancellor Angela Merkel being the bloc’s most powerful leader. The EU has scrapped national vetoes on majority of the issues. Those limits to national sovereignty are one of the most contentious issues in the British debate. 
 
Why is Brexit important? 
Those who support Brexit argue that they will be relieved off the job-killing regulations a part of EU regulations and have a free Britain to decide its own laws and trading partners. 
 
However, pro EU supporters worry that the exit would weaken both Britain and the EU, with the bloc separating at unimaginable speed. 
 
A ‘Brexit’ will also affect a lot of issues such as the £13bn that the UK sent to Brussels last year, access to the single market, the survival of the UK itself if Scotland decides to remain a part of the EU. Record levels of EU immigration to the UK are also a huge issue in the vote. 
 
Why is the referendum being held? 
In 2013, Cameron promised an in/out referendum on EU membership, if the Conservatives won the 2015 election. 
 
His party did win that too with an absolute majority and this paved the path for the referendum. 
 <keyword id="6430216" type="PERSON" weightage="20" keywordseo="David-Cameron">David Cameron</keyword> is hoping to negotiate a new settlement between Britain and the 27 other members of the EU before a promised referendum on the UK’s continued participation in a reformed Europe. 
 
What is the referendum question? 
Like in every vote, in this one too, voters will have to actually answer a question, which is in effect the vote. The question for this is ‘Should the UK remain a member of the EU or leave the EU?’ 
 
(Image: Reuters)

Brexit: Everything you need to know about it in the simplest explanation possible

<ul class="summary-list"><li>Russia is hosting a BRICS summit this week, showing the limits of attempts to isolate it.</li><li>The grouping is buoyant after ballooning from five members to nine.</li></ul>Russia is flexing its muscles at the center of the BRICS economic bloc which seeks to rival the West.The nation is hosting a meeting of the grouping this week, the first since the group almost doubled its membership.The larger grouping gives them more weight — and is a rebuke to Western-led attempts to isolate Russia economically.It also complicates the grouping, introducing new competing interests and rivalries.Geopolitical analysts say it could dilute the group's ability to take action, and reduce it to a talking shop.Iran, Egypt, Ethiopia, and the United Arab Emirates are the new BRICs entrants, joining earlier members Russia, India, China, Brazil, and South Africa. Saudi Arabia has been invited to join but has not formally done so yet.Russian President Vladimir Putin <a target="_blank" class="" href="https://brics-russia2024.ru/en/">touted</a> the expansion as proof of the group's "growing authority" and role in international affairs.Yet geopolitical tensions and competing interests among the group are dragging down Russia's efforts to use it to chip away at the dominance of the West, particularly the US dollar."BRICS expansion is no easy task," said Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto."It risks creating rival camps within the group," he told Business Insider.<h2 id="a422f5a1-a2fa-40bb-898f-89b58f30e598">A 'raw' grouping</h2>Since its founding in 2006 — with Brazil, Russia, India, and China as members, before South Africa joined in 2010 — the bloc has tried to challenge Western economic dominance.Over the past two decades, its members experienced significant economic growth. After the recent expansion, its member states represent almost 46% of the world's population and about 25% of global exports.Last year, more than 40 countries <a target="_blank" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">expressed interest</a> in joining the bloc.But Anton Barbashin, cofounder and editorial director at Riddle Russia, an online journal on Russian affairs, described the group as a "raw collection" of countries.They have "no chance" of political unity due to competing interests and starkly differing attitudes, he said.Members have grappled with <a target="_blank" class="" href=" https://www.cfr.org/backgrounder/what-brics-group-and-why-it-expanding">internal disagreements</a> over relations with the West, territorial claims, and Russia's invasion of Ukraine.Others are engaged in internal standoffs. India and China have clashed over disputed territory along their border, though they <a target="_blank" class="" href="https://www.youtube.com/live/QiqK0eIJn8E">announced a deal</a> on patrolling arrangements this week.Some countries — notably India and South Africa — also have a tricky balancing act to do, engaging with the group without alienating their partners in the West.<h2 id="1875563d-1228-4de5-a7cc-5b63106239c1">Talking shop</h2>Barbashin told BI that the BRICS Summit is important for Russia because it has been cut out from other international platforms.It's a way to communicate and possibly strike "some deals in the future that we don't necessarily foresee," he said.In total, representatives of 32 countries are set to attend the summit this week, according to Moscow.Barbashin said that the group's size masks its relative impotence."It's just a nice facade," he said, "and it falls within the idea that economic growth should translate into a greater political setting."Leaders are expected to discuss how far members are willing to commit to the group.Una Aleksandra Berzina-Cerenkova, director at Riga Stradins University's China Studies Center, told Politico that "China uses BRICS to give it a mandate to push global visions and post-Western vision."During a press briefing held by the Center for European Policy Analysis on Monday, one analyst foresaw major hurdles for the group to move past its status as a "debating club."Evgeny Roshchin, a visiting scholar at Johns Hopkins University's Henry A. Kissinger Center for Global Affairs, said the group would need to choose how to distribute power between its members should more join."Behind the rhetoric, there's a huge concern — even within Russia — whether the new members will become their equals," he said, noting that Russia could lose its leverage and decision-making among a large group of notionally equal members.<h2 id="ab0780f6-acfd-427a-bc7c-109fb06111f1">Taking on the dollar</h2>Another challenge BRIC members like Russia and China face is trying to change the fundamentals of global <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/russia-economy-commodities-trading-centers-brics-us-dominated-global-finance-2024-10">financial trading systems</a> that rely overwhelmingly on the US dollar.During a <a target="_blank" rel="noopener noreferrer" class="c-link" href="http://en.kremlin.ru/events/president/news/75349">BRICS Business Forum</a> in Moscow last week, Putin said group members were working on alternative payment systems, as a rival to SWIFT.The alternative systems would aid cross-border payments between members, according to a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.yakovpartners.com/publications/imfs/">report</a> by Russia's finance ministry, its central bank, and consultancy Yakov &amp; Partners.It envisioned a network of payments using local currencies rather than a default reserve currency like the dollar.Russia already has a model it can look to for transactions among central banks: the mBridge system under the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements</a>.BRICS members are also toying with alternative currencies, spanning Chin'a digital yuan and Moscow's interest in crypto.The greenback, though, will be <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">hard to dethrone</a> — even without competing priorities and rivalry among BRICS members."Russia wants to create an alternative to Western financial infrastructures," Barbashin said.But "there's no chance of making anything like a union or an alliance," he said.BRICS members are united in that they want to see change, he said "but there's no real strategy within BRICS aside from fancy phrases to make it work."

Putin's expanded BRICS summit proves he has friends — but risks buckling under its own contradictions

<ul class="summary-list"><li>Indonesia appears to be the latest country to jump on the de-dollarization bandwagon. </li><li>The island nation has launched a National Task Force to promote local-currency transactions. </li></ul>The international campaign against the dollar's dominance of global trade and investment flows is pulling more countries in - Indonesia is the latest to join the movement.The island nation has announced it's formed a National Task Force to widen the use of local currency transactions (LCT) with partner countries, <a href="https://www.bi.go.id/en/publikasi/ruang-media/news-release/Pages/sp_2524523.aspx" target="_blank" rel="noopener">according to Indonesia's central bank</a>. "Bank Indonesia is confident that the National LCT Task Force will be an effective coordination forum to strengthen policy synergy between government ministries and agencies in an effort to increase the use of local currencies in bilateral transactions between Indonesia and major trading partners," Governor of Bank Indonesia, Perry Warjiyo said in a press release.The move will also help promote efforts to increase the stability of the rupiah, and enhance the resilience of domestic financial markets, the central bank said."LCT implementation is expected to contribute to export-import activities, investment, and cross-border payment transactions, including cross-border QRIS, as well as facilitate securities trading moving forward," it added. Indonesia's move is the latest among a series of actions by nations from China to Russia and India to to move away from the dollar in global transactions, a movement that's come to be called de-dollarization. Beijing and New Delhi have initiated trade arrangements to be settled in their respective currencies, while the BRICS bloc has been looking at the possibility of a shared tender.De-dollarization is an "irreversible process" that's gaining momentum, Russian president Vladimir Putin said in a video address at the BRICS summit last month.While some experts perceive de-dollarization efforts as a threat to the greenback, others have dismissed the movement as a nothingburger. Most recently, <a href="https://markets.businessinsider.com/news/currencies/dedollarization-former-finance-minister-zimbabwe-economic-disaster-dollar-africa-brics-2023-9">Zimbabwe</a> expressed interest in joining a bank founded by the BRICS group of emerging nations – sparking chatter it wants to de-dollarize. But that could result in an economic "disaster," the country's former finance minister said.

The de-dollarization drive is spreading wider - Indonesia is the latest nation to join the anti-buck movement

<ul class="summary-list"><li>Gold prices are reaching record highs because of strong buying by central banks.</li><li>Central banks in countries aligned with China are diversifying their assets from the US dollar into gold.</li></ul>Gold prices are on a tear recently thanks to strong buying by central banks — a signal that the precious metal is increasingly seen as a geopolitical hedge.Last week, a top <a target="_blank" href="https://www.imf.org/en/News/Articles/2024/05/07/sp-geopolitics-impact-global-trade-and-dollar-gita-gopinath">International Monetary Fund </a>official pointed to gold's role in a potential <a target="_blank" href="https://www.businessinsider.com/us-china-cold-war-drag-global-gdp-growth-down-imf-2024-5">fragmentation of the global economic and financial order.</a>"After years of shocks — including the COVID-19 pandemic and Russia's invasion of Ukraine — countries are reevaluating their trading partners based on economic and national security concerns," said Gita Gopinath, an IMF deputy managing directorIn particular, some countries are rethinking their heavy reliance on the US dollar in their international transactions and foreign reserve holdings, she said.Demand for gold has risen because it's seen as a "politically neutral safe asset, which can be stored at home and be insulated from sanctions or seizure," said Gopinath.Central banks accounted for one-quarter of gold demand in 2022 and 2023, as the institutions bought over 1,000 tons of gold each year, according to the <a target="_blank" href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2024/central-banks">World Gold Council</a> in a recent report.The world's central banks continued buying gold, snapping up 290 tons of gold in the first quarter of this year — the strongest start to any year on record, according to the council.<h2 id="1b86f9d1-c2ae-481c-97de-cb17db69e41a">Gold as a hedge against US dollar-based sanctions risk</h2>Concerns about the US dollar's outsized influence and power in the world economy have been brewing for years. The West's unprecedented slate of sanctions and <a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">weaponization of the dollar </a>against Russia over the invasion of Ukraine have heightened the push for <a target="_blank" href="https://www.businessinsider.com/dedollarization-usd-greenback-gold-yuan-euro-bitcoin-brics-alternate-2023-5">de-dollarization.</a>To be sure, the greenback is so entrenched in the global economy that most experts don't expect it<a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5?_gl=1*w8wvhd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcxNTY1NzQzNC43NjUuMS4xNzE1NjYyNTIwLjU4LjAuMA.."> to lose its dominance</a> and status as the world's reserve currency in the foreseeable future.But countries around the world — particularly those aligned with China — are increasingly hedging their political risks by loading up on alternative assets, and in particular, gold.The share of gold in the foreign reserves of the "China bloc" has been rising since 2015, said IMF's Gopinath. Other than Russia, she did not name any other country in the "China bloc." In contrast, the share of gold in the foreign reserves of countries in the "US bloc" has been broadly stable.This suggests that gold purchases by some central banks may have been driven by concerns about sanctions risk, Gopinath said.In China's case, the share of gold in its foreign exchange reserves increased from under 2% in 2015 to 4.3% in 2023. Meanwhile, its proportion of holdings of US Treasury and Agency bonds fell from 44% to about 30%, according to IMF's Gopinath.<h2 id="67ca5eba-2e72-4133-a582-a1b392bfb2c6">Central banks will keep buying, despite high prices</h2>While China's central bank gold buying has been hogging the headlines, other central banks are also loading up on gold. The World Gold Council wrote in its recent report that other big gold buyers included Turkey and India.<a target="_blank" rel=" nofollow" href="https://privatebank.jpmorgan.com/nam/en/insights/markets-and-investing/is-it-a-golden-era-for-gold">JPMorgan</a> analysts wrote in a March report that they expect central banks to continue with their pace of buying this year while being "less sensitive to prices." This means gold prices are likely to stay high this year.To be sure, the ongoing gold rush is not just based on geopolitics.Gold's current price surge is also helped by a <a target="_blank" href="https://www.businessinsider.com/dedollarization-usd-strong-china-pboc-central-banks-buy-gold-inflation-2024-5">strong dollar,</a> which is spurring some emerging countries to hedge their currency risks. In China, <a target="_blank" href="https://www.businessinsider.com/gold-price-china-consumers-central-bank-pboc-economy-concerns-dedollarization-2024-4">people are also snapping up gold</a> to hedge against domestic economic uncertainties.The <a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">spot gold price</a> is currently around $2,340 an ounce, down from its record-high above $2,400 an ounce in April.

The US dollar has become so weaponized that central banks are snapping up politically-neutral gold

By Harinder Mishra Jerusalem, May 19 () Foreign Ministers of India and Israel have vowed to work together to strengthen and expand the multi-faceted bilateral relationship for a mutually beneficial partnership, days after a new government was sworn in in the Jewish state. Israel's new government was sworn in on Sunday under Prime Minister Benjamin Netanyahu, bringing an end to the longest political deadlock in the country's history which saw a caretaker government in charge for over 500 days and three back-to-back general elections with no clear verdict. The vote of confidence in the new government was passed with 73 votes in favour and 46 against in the Knesset (Israeli parliament). External Affairs Minister S Jaishankar on Monday congratulated his newly-appointed Israeli counterpart Gabi Ashkenazi, a former Chief of Staff of the Israel Defence Forces. "Mazal Tov @Gabi_Ashkenazi on assuming the post of Israeli Foreign Minister. I look forward to working with you to strengthen our multi-faceted and mutually beneficial partnership", Jaishankar tweeted in Hebrew. Ashkenazi thanked Jaishanker and stressed on strengthening ties in diverse fields between the two countries. "Thank you @DrSJaishankar. I am also looking forward to working with you to strengthen and expand the strong relations between Israel and India in multiple fields", the Israeli foreign minister tweeted in Hindi and English on Monday. Earlier, Prime Minister Narendra Modi was among the first few world leaders to congratulate Israeli Prime Minister Netanyahu on Sunday on forming the government for a record fifth time, soon after the Knesset approved the new government. "Mazal Tov (congratulations) my friend @netanyahu for forming your fifth government in Israel," Modi wrote on Twitter in Hebrew and English. "Thank you my dear friend the Prime Minister of India! We will continue to strengthen the important relationship between us," Netanyahu responded in Hebrew on Sunday. Netanyahu, 70, and his rival-turned-partner Benny Gantz joined hands to form a coalition government under a power-sharing agreement that would see the latter taking over the premiership on November 17, 2021. The new government, which according to the coalition agreement, will see Gantz replace Netanyahu as the Prime Minister after 18 months. Gantz will serve as Defense Minister until he is scheduled to take over as the Prime Minister in November next year. He will till then have the title of 'Alternate Prime Minister', something that Netanyahu will take over from him after exchanging the baton. The beleaguered Israeli prime minister, who surpassed Israel's first Prime Minister David Ben-Gurion's record of the longest-serving Premier in the country's history last year in July, managed to hold on to his right-wing bloc amid three inconclusive polls to force his main rival Gantz to finally succumb to the demand of a broad national unity government. Gantz campaigned on replacing Netanyahu due to the prime minister's indictment on graft charges, but dropped his opposition to sitting in a government with him after the latest elections again ended with no clear winner, citing the coronavirus pandemic and a desire to avoid a fourth round of voting. The move led to the breakup of the Blue and White alliance, with Gantz being elected as Knesset speaker with the backing of Netanyahu's right-wing religious bloc as they negotiated the terms of the new government. Ahead of the swearing-in ceremony, Likud and Blue and White on Wednesday evening released the policy principles of the new government, as instructed by Israel's Supreme Court. The document said that the government will initially form an emergency cabinet to deal with the coronavirus pandemic and formulate a plan to bring Israel out of the accompanying economic crisis while rolling out a "socioeconomic safety net" and special programmes for citizens who are struggling financially. HM MRJ MRJ

India, Israel agree to strengthen bilateral ties

<ul class="summary-list"><li>Russia and China could revive barter trade to counter Western sanctions, Reuters reported.</li><li>Other countries that have looked at barter trade with Russia include Afghanistan, Iran, Pakistan, and India.</li></ul>Russia and China are planning to revive the age-old practice of barter trade to get around Western sanctions, <a target="_blank" class="" href="https://www.reuters.com/markets/first-russia-china-barter-trade-may-come-this-autumn-sources-say-2024-08-08/">Reuters</a> reported on Thursday.The deals could involve agriculture and could come as soon as this fall, the news agency reported, citing anonymous trade and payments sources. One source at a Russian industrial firm told the news agency that Russian firms were also talking about the exchange of metals for Chinese machinery imports.Such arrangements are being discussed as trade between the two countries has become increasingly difficult amid tightening Western sanctions against Russia over its full-scale invasion of Ukraine in February 2022.Recently, about 80% of bank transfers made in the Chinese yuan were <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-china-yuan-payments-delay-months-bounce-back-sanctions-2024-7">bouncing back</a> with no explanation after being stalled for weeks while banks decide whether they could transact, Russian media outlet Kommersant reported last month.Before this year, Russia and its trade partners skirted sanctions by using smaller banks and other payment modes or non-US dollar currencies to circumvent the West's ban of <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">some Russian banks</a> from the widely used SWIFT messaging system.However, this strategy has been hitting snags since the US approved <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that were helping Russia. These restrictions prompted <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the United Arab Emirates, Turkey, and Austria to reduce transactions with Russia.Since barter trade doesn't require monetary payments, it would allow Russia and China to skirt such issues.<h2 id="4ef98aff-cc26-4454-855d-f1ccddf1c7c0">Russia has used barter trade before</h2>It would not be Russia's first time using barter trade.It was practiced during the <a target="_blank" rel=" nofollow" href="https://www.joc.com/maritime-news/soviet-union-allows-return-barter-some-trading-deals-partners-former-e-bloc_19910708.html">Soviet era</a> and <a target="_blank" rel=" nofollow" href="https://www.nytimes.com/1998/09/06/world/as-ruble-withers-russians-survive-on-barter.html">in the years following the bloc's collapse.</a> At the time, China was a key trading partner.In August 2022, the <a target="_blank" class="" href="https://www.businessinsider.com/taliban-import-russia-oil-barter-exchange-afghanistan-raisin-minerals-medicine-2022-8">Taliban regime in Afghanistan</a> also discussed barter trade with Russia that could involve trading Russian crude oil products in exchange for raisins, minerals, and medicinal herbs, according to RIA Novosti, a Russian state-owned news agency.Heavily-sanctioned <a target="_blank" class="" href="https://www.reuters.com/business/energy/russia-iran-discuss-swapping-supplies-oil-gas-goods-logistics-2022-05-25/">Iran</a> and the <a target="_blank" class="" href="https://timesofindia.indiatimes.com/india/india-plans-barter-for-russian-fertiliser/articleshow/91750978.cms">Indian government</a> were also in talks with Russia to practice barter trade in the early months of the Ukraine war.Last year, cash-strapped <a target="_blank" class="" href="https://www.voanews.com/a/pakistan-allows-barter-trade-with-iran-afghanistan-russia-/7120806.html">Pakistan</a> authorized the barter trade of specific goods with Russia.It's unclear if any of the parties eventually entered into any barter deal with Russia.Major economy India, for one, has managed to work around payment issues to become one of Russia's <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">key trading partners.</a><h2 id="a4ac3f71-bfea-4e2c-bbc1-8c442e62804f">Problems with barter trade</h2>Even so, barter trade isn't widely practiced in modern society."Exchanging goods for other goods would have to be manually accounted for, which would create major difficulties for any large or technologically advanced businesses using automated accounting systems," wrote Alexandra Prokopenko, a fellow at <a target="_blank" class="" href="https://carnegieendowment.org/russia-eurasia/politika/2022/09/bartering-cryptocurrencies-and-yuan-russia-seeks-alternatives-to-trading-in-dollars">the Carnegie Russia Eurasia Center,</a> in a September 2022 blog post.Barter trade also makes it difficult for tax collection, she added.Russian authorities are working on other ways to skirt Western payment sanctions.The country is rushing to set up <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-moscow-cryptocurrency-bill-digital-ruble-trade-payments-sanctions-2024-7">alternative payment systems, </a>including crypto, to facilitate trade.

Western sanctions are so tight that Russia and China could soon use an ancient trading system. It's worked before.

Defence Minister <keyword id="6355121" type="UNKNOWN" weightage="20" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> on Wednesday arrived here on a three-day visit to Russia to attend a crucial meeting of the Shanghai Cooperation Organisation (SCO) and hold talks with his Russian counterpart Sergey Shoigu on further boosting bilateral defence cooperation. The defence ministers of all eight SCO member nations are expected to deliberate on regional security challenges like terrorism and extremism and ways to deal with them collectively here on Friday, officials said. "Raksha Mantri Shri @rajnathsingh reached Moscow on a three day visit to Russia. He was received by Major General Bukhteev Yury Nikolaevich at the airport," the Indian embassy tweeted. The meeting is taking place under the shadow of a fierce border row between India and China, both members of the influential bloc. "Reached Moscow this evening. Looking forward to my bilateral meeting with the Russian Counterpart General Sergey Shoygu tomorrow," Defence Minister Singh tweeted. The SCO comprises eight member states -- India, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan. Chinese Defence Minister Gen Wei Fenghe and Pakistan's Pervez Khattak are expected to attend the SCO meeting. Asked about the possibility of a bilateral meeting between Singh and Wei on the sidelines of the SCO event, officials said there is no such plan. Before departure, Singh in a tweet said that issues of mutual interest will figure in his talks with Shoigu. "India and Russia are privileged Strategic Partners. Looking forward to further this partnership during my visit," he said. In his meeting with Shoigu, Singh will press for expediting supply of a number of weapons systems, ammunition and spares to India by Russia under contracts which were concluded earlier, officials said. In the talks, both sides are expected to officially finalise a long-pending proposal to produce AK 203 rifles in India. The officials said Singh is also likely to request the Russian side to ensure the timely delivery of the S-400 missile defence systems to India. The delivery of the first batch of S-400 surface-to-air missile systems to India is scheduled by the end of 2021. It is Singh's second visit to Moscow since June. He had represented India at the Victory Day Parade in Moscow on June 24 that commemorated the 75th anniversary of the Soviet victory over Nazi Germany in the Second World War. The SCO, seen as a counterweight to NATO, has emerged as one of the largest transregional international organisations which accounts for almost 44 per cent of the world population stretching from the Arctic Ocean to the Indian Ocean and from the Pacific Ocean to the Baltic Sea. The aim of the SCO is to maintain peace, stability and security of the region. India became a member of the SCO in 2017. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">TCS, Infosys and HCL Tech have the most to gain from post COVID wave of outsourcing</a> <a href="https://www.businessinsider.in/tech/apps/news/india-bans-pubg-wechat-and-118-other-mobile-applications/articleshow/77890776.cms">India bans PUBG, Ludo World, and 116 other Chinese mobile applications</a> <a href="https://www.businessinsider.in/india/news/pm-modi-twitter-account-hacked-heres-what-the-hacker-had-tweeted/articleshow/77902203.cms">Twitter account of PM Modi’s personal website hacked— Here’s what the hacker had tweeted</a>

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