India is working on a new initiative aimed at boosting trade in local currencies among BIMSTEC countries—Bangladesh, Bhutan, Nepal, India, Sri Lanka, Myanmar, and Thailand. The goal is to reduce dependence on the US dollar by promoting transactions in local currencies. Experts believe that settling trade in local currencies could result in a 5-6% reduction in trade costs. This shift is expected to enhance regional economic integration and strengthen the economic ties among these neighboring countries. By reducing reliance on a foreign currency, India and its BIMSTEC partners aim to create a more resilient and efficient trading system. For more details on this initiative and its potential impact, viewers are encouraged to watch the full video.