5 Min(s) Read
By S Murlidharan Mar 31, 2023 5:03:46 PM IST (Published)
Bagging export orders isn’t easy in the rough and tumble of international trade with undervaluation of currency as allegedly mastered by China and dumping distorting the picture.
Policymakers encouraged by the Rupee-Rouble trade with Russia for oil have made rupee trade the centrepiece of the Foreign Trade Policy 2023 (FTP). There is no reason why its success cannot be replicated across sectors and countries. This hawkishness would enable nations to break free of dollar hegemony on the trade front. Rupee trade with Iran when it was in the US doghouse served the two nations well.
Like necessity being the proverbial mother of invention, a crisis too can play a catalytic role in ending dithering and full-scale adoption of a system---Rupee-Rouble trade--- hitherto embraced half-heartedly and sporadically. FTP pulls no punches in announcing not only to Russia but to the entire world that it is open to the making rupee trade agreement with Russia the template for the entire world, especially with countries either finding it difficult to muster sufficient greenbacks to bankroll their exports or simply resenting the undeserved dollar hegemony.