by Ansh Pandey
Cuba is set to relaunch its ambitions with global acceptance and massive reforms. And this road to reforms passes through India
According to a media report, Cuba along with nations like Luxembourg, Tajikistan, and Sudan are having discussions with the Indian government to adopt India’s rupee trade settlement mechanism.
Reportedly, the Rupee trade mechanism was launched by the Reserve Bank of India (RBI) in July. The system is similar to what countries like Russia already have in place following sanctions on Moscow since the country waged a war against Ukraine.
The Indian government is looking at ways to bring countries that are particularly short of dollars into the ambit of the Rupee trade mechanism, and Cuba might be a perfect fit for the job, as per the government official aware of the development.
Cuba extends support
Reportedly, Cuba has also shown interest in opening a special rupee account called ‘Vostro accounts.’ So, one could easily suggest that Cuba wants to enhance its cooperation with India. This development is particularly noteworthy as officials from India and Cuba have met several times.
October marked their most recent meet . If one recalls, the Indian and Cuban delegations recently met in order to establish a line of credit agreement worth €100 million for the purchase of rice from India. Additionally, the two nations decided to strengthen their economic ties.
And now, this development has come out that Cuba and India might join hands to trade by completely keeping American dollars off the table.