Developing nations seek to overcome energy, currency crises
Business leaders and officials from eight developing nations meeting in Bangladesh on Tuesday said more cooperation was needed among them to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions.
Representatives from Egypt, Iran, Malaysia, Nigeria, Pakistan, Turkey and Bangladesh under the banner of D-8, or developing eight countries, were discussing alternative trade financing such as cross currency swap, barter and blockchain to address their foreign currency reserves vulnerabilities, according to organisers.
Bangladesh’s Foreign Minister A.K. Abdul Momen said the group, with a USD 5 trillion economy among its members, was working to implement a free trade agreement while also increasing the volume of trade.
