India, UAE agree to use local currencies in bilateral trade

July 17th, 2023

Awake Goy

India and the UAE have signed an agreement to start using a rupee-dirham payment mechanism to settle cross-border trade, following Prime Minister Narenda Modi's visit to Abu Dhabi yesterday. An agreement was also signed to link their fast payment systems, namely the Unified Payments Interface (UPI) of India with the Instant Payment Platform (IPP) of the UAE. Modi who made the stopover visit while returning from a visit to Paris witnessed the signing of two memorandums of understanding (MoU) between the central banks of both countries along with UAE President Mohamed bin Zayed Al-Nahyan. This is a very important aspect of India-UAE cooperation. It paves the way for enhanced economic collaboration and will make international financial interactions simpler. https://t.co/nuoQbUIFq6 — […] Source

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