There has been considerable progress in the field of trade between India and the United Arab Emirates (UAE). Talks between the central banks of the two countries to promote bilateral trade in rupee and dirham are on, and are progressing quite rapidly. Commerce and Industry Minister Piyush Goyal has given this information today i.e. on Monday. He has told that this step of both the countries will reduce the transaction cost in bilateral trade. , Commerce and Industry Minister Piyush Goyal, while addressing the first meeting of the Joint Committee on India-UAE Comprehensive Economic Partnership Agreement, said that the talks for trade in rupee-dirham are progressing at a fast pace. He said that it is being supported a lot by the Ministry of Finance.

Can expect good results Commerce and Industry Minister Piyush Goyal said that the top leaders of both the countries are fast decision makers. In such a situation, we can expect good results soon. The Free Trade Agreement (FTA) between India and UAE came into force from May last year. The FTA will strengthen bilateral trade and economic relations. However, Commerce and Industry Minister Piyush Goyal has not mentioned any time frame on when the rupee-dirham based trading mechanism will be finalised. Piyush Goyal said that this All I can say right now is that we can imagine good results very soon.

Talks are on between central banks Commerce and Industry Minister Piyush Goyal told reporters on Monday that the Reserve Bank of India and the Central Bank of UAE are in talks on Standard Operating Procedure (SOP) and modalities. He said that this conversation started in March 2022 and now it has been more than a year. He said that both the countries have made remarkable progress in this regard.

IndiaUAEPiyush GoelPublished Date

Mon, Jun 12, 2023, 5: 03 PM IST