One of the interesting developments in world politics has been the de-dollarization of international trade, increasing willingness to use local or other currencies instead of US dollar. One recent example of this has been the trade agreement between India and the United Arab Emirates (1). This agreement is interesting, because India and UAE are close allies of USA – for example, India and UAE are part of the India-Israel-US-UAE Alliance (I2-U2), economic group that was established in October 2021 (2).
References:
1) “India, UAE agree to use local currencies in bilateral trade” Middle East Monitor 16.7.2023
2) “The India-Israel-US-UAE Alliance (I2-U2): Background and Objectives” Arab Center for Research and Policy Studies, Doha Institute 19.7.2022
IDIS Observer 