The leader of the Shanghai Cooperation Organisation (SCO) agreed on Friday. To take steps to increase the use of national currencies in trade between their countries, according to the joint declaration adopted on Friday.
The group – which companies China, India, Russia, and Pakistan alongside four Central Asian States – said “interested SCO member states ” had agreed. A roadmap for the gradual increase in the share of national currencies in mutual settlements, and called for an expansion of the practice.
No further details were provided and the group did not say who the “interest states” were. Moscow is seen as the main driver of the push toward national currencies. As it tries to reduce its reliance on the US dollar and other Western currencies for trade.