India and the UAE have advanced efforts to conduct cross-border trades without the US Dollar.
This aligns with the BRICS effort to de-dollarize their respective economies.
Some member countries of the BRICS Group have taken certain steps that are in favor of the bloc’s plan to contest the potential hegemony of the United States Dollar (USD). During the just concluded BRICS Summit 2023, the BRICS founding members opened the bloc’s doors to accommodate six new member countries including Saudi Arabia, Argentina, the UAE, Egypt, Iran, and Ethiopia. 
As a result of this expansion, the collective GDP of BRICS nations in terms of purchasing power parity expanded to 37.3% of the total global economy, a figure that is more than one-third of the world’s economic output. In addition to the increase in economic strength, BRICS member countries also collectively span 48.5 million square kilometers in landmass, encompassing approximately 36% of the globe.
To complement this visible expansion,

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