Breaking News: India and UAE will trade in their own currencies
Latest Updated 16/07/2023: India and the United Arab Emirates (UAE) on Saturday agreed to start business transactions in their respective currencies and link India's Unified Payments System (UPI) with UAE's instant payment platform IPP.
These issues were agreed upon during Prime Minister Modi's talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan here. After the meeting, Prime Minister Modi said that trade between India and the UAE has grown by 20 per cent since the Comprehensive Economic Partnership Agreement came into force in May last year. Now the agreement to transact business in local currencies reflects the strong economic cooperation between the two countries. It is always a pleasure to meet His Highness Sheikh Mohamed bin Zayed Al Nahyan, always received brotherly love from him, Modi tweeted. Prime Minister Modi returned home on Saturday after a successful visit to France and the UAE.
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