India and UAE Strengthen Trade Ties with Local Currency Settlements
TL;DR
India and the United Arab Emirates have signed an agreement to settle trade in rupees instead of dollars, aiming to reduce transaction costs. The two countries also agreed to establish a real-time payment link to facilitate cross-border money transfers. The move is part of India's efforts to cut dollar conversions and foster greater economic cooperation. Bilateral trade between India and the UAE was $84.5 billion in the last fiscal year.
Topics:worldinternational-trade#cross-border-transactions#india#international-trade#rupees#trade-settlement#united-arab-emirates
- India ties up with UAE to settle trade in rupees Reuters
- India, UAE to Trade in Local Currencies, Link Payments Systems Bloomberg
- RBI, Central Bank of UAE sign MoUs on promoting local currencies Hindustan Times
- Rupee-UAE dirham trade mechanism may launch during Modi visit Saturday Reuters
- IIT Delhi In Gulf, Trade In Local Currencies Focus Of PM's UAE Visit NDTV
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