India, UAE Central Banks in Active Talks for Rupee-Dirham Trade: Commerce and Industry Minister Piyush Goyal
New Delhi, June 13, 2023 – In a significant development, the central banks of India and the United Arab Emirates (UAE) have entered into active discussions regarding the establishment of a direct trade between the Indian rupee (INR) and the UAE dirham (AED).
The news was announced today by India’s Commerce and Industry Minister, Piyush Goyal, during a press conference held in New Delhi.
Minister Goyal highlighted the potential benefits of such a trade arrangement, emphasizing that it would enhance economic ties between India and the UAE, as well as facilitate seamless financial transactions between the two nations.
The move is expected to promote trade and investment, further deepening the bilateral relationship between the countries.
During his address, Minister Goyal expressed his optimism about the progress made in the talks between the Reserve Bank of India (RBI) and the Central Bank of the UAE, foreseeing a mutually beneficial outcome for both economies.
He underscored the importance of fostering stronger financial cooperation and streamlining the flow of funds to bolster trade and investment activities.
The proposed rupee-dirham trade would eliminate the need for intermediaries, such as the U.S. dollar, in bilateral trade transactions between India and the UAE.
This would not only enhance the efficiency of cross-border transactions but also potentially reduce transaction costs for businesses.
India and the UAE have been longstanding trading partners, with bilateral trade reaching significant volumes in recent years.
Strengthening financial ties through direct currency trade is seen as a strategic step in deepening economic engagement and fostering a closer economic partnership between the two nations.
The Commerce and Industry Minister affirmed the government’s commitment to advancing economic cooperation with the UAE, as well as with other nations in the region.
He added that the talks between the central banks were progressing well, and both sides were actively working towards finalizing the necessary arrangements for implementing the rupee-dirham trade.
As the discussions continue, stakeholders and businesses in both countries eagerly await the outcome of the negotiations, which is anticipated to open up new avenues for trade and investment and further strengthen the already robust economic ties between India and the UAE.
Note: The above news is based on statements made by Commerce and Industry Minister Piyush Goyal during a press conference. Please refer to official sources for further updates on this matter.
| Are you an
Entrepreneur or Startup? Do you have a Success Story to Share? SugerMint would like to share your success story. We cover entrepreneur Stories, Startup News, Women entrepreneur stories, and Startup stories
|
Read more Business Stories at SugerMint. Follow us on Twitter, Instagram, Facebook, LinkedIn for latest company news and corporate updates.