INDIA AND THE United Arab Emirates (UAE) have made significant progress in negotiations on trade in local currencies and expect an outcome in coming months, commerce and industry minister Piyush Goyal said on Monday. Both sides have also agreed to double their non-oil trade to $100 billion by 2030 from $49.1 billion in FY23.
India-UAE rupee trade will be part of the framework of discussions on the financial sector that includes 'other digital technologies' like closer integration of payment systems and even UPI.
UPI has already been enabled for Indians in UAE using their Indian accounts.
"The Reserve Bank of India (RBI) and the central bank of UAE have been in a very active dialogue. The ministry of finance is very supportive and handling the entire issue," Goyal said at a press conference after the first joint committee meeting of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which was implemented from May 1 last year.
From the UAE side, the meeting was attended by minister of state for foreign trade Thani bin Ahmed Al Zeyoudi.
This story is from the June 13, 2023 edition of Financial Express Mumbai.
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This story is from the June 13, 2023 edition of Financial Express Mumbai.
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