Sun. Jun 23rd, 2024
India sign rupee-dirham trade pact with UAE

India sign rupee-dirham trade pact with UAE

India sign rupee-dirham trade pact with UAE, To reduce dependence on the US Dollar

India and the UAE have been good friends for a long time, and they have made their friendship even stronger by signing an MOU to establish a framework for intra border transactions using the Indian Rupee (INR) and UAE Dirham (AED). The UAE is India’s third-top trading partner.

The CEPA already signed by both countries in 2022 aims to increase the total value of goods traded between the two countries to $100 billion by 2027.

Key Highlights
  • To allow exporters and importers to settle trade in their respective domestic currencies.
  • An INR-UAE foreign exchange market to support remittances from Indians residing in the UAE.
  • To interlink India’s UPI and the UAE’s IPP.
  • To promote the internationalisation of the Indian Rupee as a global currency. Presently, the rupee stands at 15th.

 

Also Read

https://dailyblogline.com/prime-minister-modi-uae-visit/

https://dailyblogline.com/pm-modi-conferred-with-grand-cross-of-the-legion/

 

 

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