There is an emerging need for energy-importing economies like India and China to try to delink international trade from the dollar. But it is not an easy job. The dollar is at one end of nearly 90% of all foreign exchange trades. The greenback constitutes around 60% of forex reserves held by central banks globally. Foreign governments and private investors hold over 30% of US treasuries.
Suiwah Leung is Honorary Associate Professor of Economics and Associate Editor of the journal, Asia and Pacific Policy Studies (APPS), at the Crawford School of Public Policy, The Australian National University. Leung is an expert in the Vietnam economy and the Asia Pacific region. Leung has been actively involved in consultancies for the Australian Department of Foreign Affairs and Trade, the Australian Centre for International Agricultural Research, the UN Development Program and the Vietnamese government. In recognition of her contributions, Leung was awarded the ‘Friendship Medal’ by the President of Vietnam and received a Medal from the Government of Vietnam for the Advancement of Vietnam’s Education Cause’. Leung holds a Master of Commerce from UNSW and MA and PhD from Johns Hopkins University.
India s exports are expected to grow by around 12%, resulting in a global export share of around 4% by 2030, or $1.6 trillion. However, weak global growth in the medium term, further supply chain fractures, and rising protectionism could challenge the strategy. India has been a key beneficiary of the "China+1" strategy, with the tech-intensity of exports gradually increasing.