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HomeUAE NewsIndia, UAE central banks discuss rupee, dirham trade

India, UAE central banks discuss rupee, dirham trade

India, UAE central banks discuss rupee, dirham trade

central bank India The United Arab Emirates and the United Arab Emirates are discussing a concept paper on boosting bilateral trade in rupees and dirhams to reduce transaction costs, a senior official said on Friday.

IndiaSunjay Sudhir, Ambassador to the UAE, said the concept paper for local currency trade was developed by India.

He told reporters here that the central banks of the two countries would discuss standard operating procedures and models.

The aim of the work is to reduce transaction costs, he added.

India The UAE signed a free trade agreement (FTA) in February, injecting vitality into bilateral economic and trade relations.

Free trade agreements are designed to provide significant benefits to the following countries Indian and UAE businesses, including enhanced market access and reduced tariffs.

Under the free trade agreement, bilateral trade is expected to increase from the current US$60 billion to US$100 billion in the next five years.

bilateral trade India UAE at $43.3 billion in 2020-21. Exports totaled $16.7 billion in 2020-21, while imports totaled $26.7 billion. The two-way trade volume in 2019-20 was USD 59.11 billion.

(This story was not edited by Devdiscourse staff and was automatically generated from a syndicate feed.)

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