KHALEEJ TIMES, Wednesday, Dec 5, 2018 | Rabi Al Awwal 27, 1440
Dollar out - India and UAE to trade in their currencies
In a landmark move, the UAE and India on Tuesday
inked a currency swap agreement, which allows rupee and dirham for businesses,
instead of dollar.
With nearly $50 billion bilateral trade, the two countries are one of the
largest trade partners and have made robust investments bilaterally. The latest
development will be a big boost to import and export trade.
The agreement to this effect was inked during the 2-day visit by Indian External
Affairs Minister Sushma Swaraj. The minister co-chaired the 12th session of the
UAE-India Joint Commission Meeting with Minister of Foreign Affairs and
International Cooperation Sheikh Abdullah bin Zayed Al Nahyan held at the
ministry's headquarters in Abu Dhabi.
Both leaders agreed to boost cooperation in trade, security and defence. The
leaders also decided to strengthen their resolve to combat extremism and
terrorism in all its forms, regardless of the perpetrators and their intent.
Sheikh Abdullah said the UAE has always shared strong historical ties with India
and the bilateral ties are based on mutual respect and trust, which are aimed at
enhancing mutual benefit of the people.
Swaraj congratulated the leadership, government and the people of the UAE on the
occasion of the celebration of the National Day.
The ministers also oversaw memorandums of understandings signed for development
of cooperation in Africa between both the ministries and the currency swap
agreement inked between the Central Bank on UAE and the Reserve Bank in India.
Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the Central Bank of UAE;
and Navdeep Singh Suri, UAE Ambassador to India, signed the agreement.
Separately, Mohamed Sharaf, Assistant Minister for Economic and Commercial
Affairs at the UAE Ministry of Foreign Affairs and International Cooperation;
and T.S. Tirumurti, Secretary for Economic Affairs at the Indian Ministry of
External Affairs, led the Senior Officials Meeting which saw a series of
discussions held under 8 subcommittees. The topics included bilateral matters,
consular field, space, education, agriculture and livestock and development
cooperation, civil aviation, and economic and trade, investments, banking and