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Venezuela wants to trade with India using Indian currency

Press Trust of India  |  New Delhi 

wants to trade with using Indian rupee, its said today.

Arreaza said wants to buy its using Indian rupee, which the South American country in turn can use for trading Indian and medicines.

The arrangement to trade in Indian currently exists between and and wants a similar arrangement with

"We don't want to use dollar at all," Arreaza told reporters.

Arreaza said his country has a similar arrangement with Turkey, and He said a proposal in this regard was discussed with the and the petroleum ministries of India.

"We want to import technology, and medicines by paying (Indian) rupees and they will pay us (Venezuela) not in (US) dollars but in rupees," he said.

The reason cited behind the move was the sanctions imposed by the US.

Nearly 44 Venezuelans have now been sanctioned by the government, including himself, whom the has branded a "dictator".

Currently, the trade between India and Venezuela takes place using dollar.

India through its Public Sector Undertaking has invested substantially in the sector of that country. The South American country is the second largest to India.

The Venezuelan foreign minister, who was here to attend the Founding Conference of the International Solar Alliance, said Maduro wanted to attend the event but he had to drop the plan due to the polls back home.

Maduro is seeking a re-election.

"After Maduro hopefully gets re-elected, he will visit India and also extend an invitation to to visit Caracas," he said.

The said during his visit he met his Indian counterpart and discussed ways to enhance cooperation.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 22:15 IST