Quick News Bit

India, UAE central banks discuss rupee, dirham trade

0

File image.
| Photo Credit: Reuters

The Central banks of India and UAE are discussing a concept paper on promoting bilateral trade in rupee and dirham with a view to reduce transaction cost, a top official said on Friday.

India’s Ambassador to the UAE Sunjay Sudhir said that the concept paper for trade in local currencies was shared by India.

The Central banks of both the countries will discuss the standard operating procedures and modalities, he told reporters here.

The objective of the exercise is to reduce the cost of transactions, he added.

India and the UAE had already signed a free trade agreement (FTA) in February to give a fillip to bilateral trade and economic ties.

The free trade agreement was aimed at providing significant benefits to Indian as well as UAE businesses, including enhanced market access and reduced tariffs.

Following the free trade pact, bilateral trade is expected to increase from the current $60 billion to $100 billion in the next five years.

Bilateral trade between India and the UAE stood at $43.3 billion in 2020-21. Exports were worth $16.7 billion and imports aggregated at $26.7 billion in 2020-21. The two-way commerce stood at $59.11 billion in 2019-20.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment