ABU DHABI: India and the UAE are looking at ways to further expand the rupee-dirham trade, as it would have a huge impact on bilateral trade, commerce and industry minister Piyush Goyal said here on Thursday.
He also said it will help the two countries in making remittances flow from the UAE to India at a lower cost. “We have looked at further expanding the rupee-dirham trade, which has been operationalised with the efforts of the central bank of the UAE and RBI,” he told reporters here. “I have just completed discussions with RBI and the central bank and we have agreed that we will work with industry and bankers to speed up and operationalise rupee-dirham trade much faster, much bigger.”
Goyal is here for the 11th meeting of the India-UAE High Level task Force on Investments. He added that trade in domestic currencies will help save at least 5% on all trade between the two countries. The two sides held discussions around creating food and industrial parks in India. India and the UAE have already implemented a free trade agreement in May last year to give a boost to bilateral trade and economic ties. Bilateral trade between the countries increased to $84.9 billion in 2022-23 from $72.9 billion in 2021-22. agencies
He also said it will help the two countries in making remittances flow from the UAE to India at a lower cost. “We have looked at further expanding the rupee-dirham trade, which has been operationalised with the efforts of the central bank of the UAE and RBI,” he told reporters here. “I have just completed discussions with RBI and the central bank and we have agreed that we will work with industry and bankers to speed up and operationalise rupee-dirham trade much faster, much bigger.”
Goyal is here for the 11th meeting of the India-UAE High Level task Force on Investments. He added that trade in domestic currencies will help save at least 5% on all trade between the two countries. The two sides held discussions around creating food and industrial parks in India. India and the UAE have already implemented a free trade agreement in May last year to give a boost to bilateral trade and economic ties. Bilateral trade between the countries increased to $84.9 billion in 2022-23 from $72.9 billion in 2021-22. agencies
