[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The UAE and India’s central banks are making significant headway in discussions about trading in dirhams and rupees. They are expected to reach a deal soon. The purpose is to lower transaction costs and increase bilateral trade between the countries.
They plan to more than quadruple their non-oil trade target to $100 billion by 2030, up from $48 billion previously. Piyush Goyal, India’s Commerce and Industry Minister, said that the Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) are actively discussing the details.
They are developing the necessary procedures and processes. Goyal is optimistic about the progress made since the negotiations began in March 2022 and expects that beneficial solutions will be achieved soon.
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Goyal also announced aspirations to expand oil trading with the United Arab Emirates. India aims to buy more crude oil while exporting more refined products. This was discussed at a joint committee meeting for the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in Delhi. Representatives from both governments and industries attended the meeting.
Goyal showed confidence not only in the rupee-dirham trade, but also in incorporating digital technology into the India-UAE framework. He stated that these advancements will help both countries in the coming months.
Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, indicated that conversations between central banks and appropriate agencies had concluded, with additional details to be disclosed after the agreement was signed.
Non-oil commerce between the two countries totaled $50.5 billion in Cepa’s first year, a 5.8% increase over the previous year.[/vc_column_text][/vc_column][/vc_row]
