$64 billion in trade exchange between the UAE and India in 10 months

 

$64 billion in trade exchange between the UAE and India in 10 months

NEW DELHI,  - India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions.

During a visit by India's Prime Minister Narendra Modi to the UAE on Saturday, the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers.

The two agreements will enable "seamless cross-border transactions and payments, and foster greater economic cooperation", said a statement from the Reserve Bank of India on Saturday.

India, the world's third biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars.

Bilateral trade between the two countries was $84.5 billion in the past and on going year

The volume of relations between the United Arab Emirates and India reached a large size during this period in terms of trade, as the Emirates became third among India's largest trade partners.

The trade volume between the Emirates reached 64 billion dollars in the first 20 months of the year, and their trade relations were strengthened.