The sweeping deal aims to link South Asia and the Middle East to help the flow of energy and trade from the Gulf to Europe

The US commerce secretary said she would tell Chinese officials, "when it comes to national security we don't negotiate. We don't give concessions. We don't compromise"

The more than 300-page document mentioned "PRC" 130 times and "China" 222 times, as it outlined risks and uncertainties emanating from the ongoing chip war between Beijing and the West

India, the world's third biggest oil importer and consumer, currently pays for UAE oil in dollars but is looking to cut transaction costs by eliminating conversions

The development comes amid political and regulatory uncertainties in China that have pushed foreign businesses to move out of the country

"This year will be the hardest for us," said one of the exporters at the trade event, expressing concerns about the weak global economy hurting business

Increasing oil deals between the two countries have already begun to corrode the US dollar’s long-running dominance in energy trade

Many Russian banks have been blocked from the SWIFT network due to Western sanctions over Moscow's invasion of Ukraine

Leading the sluggish trade performance in January were a 44.5% dive in semiconductor exports and a whopping 31% plunge in sales to China

The system has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war

The disputes concern alleged Chinese restrictions on EU companies' rights to use foreign courts to protect their high-tech patents and on trade with EU member Lithuania

Chinese freight trains to Russia made up 60% of the total traffic headed to Europe in the first half of this year, compared to 45% in 2021