India, UAE Central banks discussions on rupee-dirham trade progressing very fast: Piyush Goyal

NEW DELHI: Discussions between the central banks of India andUAEonpromotingbilateraltrade in the rupee and dirham to reduce transaction cost is progressing at a “very” fast pace, Commerce and IndustryMinisterPiyushGoyalsaid.

As the top leaders of both countries are decisive, so one “can imaginegoodoutcomesverysoon”on this,headded.

India and the UAE already implemented a free trade agreement (FTA) in May last year to give a boost to bilateral trade and economic ties. The central banks of both countries arediscussingthestandardoperating proceduresandmodalities.

ThesetalkswerestartedinMarch 2022, and now “it is about a year since then, but both the countries have made significant progress,” Goyal toldreportershere.

The RBI and the Central Bank of the UAE have been in a “very active” dialogue, and the finance ministry here is also “very” supportive and handling the entire issue, hesaid.

“I am sure that given the high level of engagement on both sides, not only on Rupee-Dirham trade but also on other digital technologies becoming part oftheIndiaUAEframework. I think we have very good things, which will be offered to both the nations in the coming months,”headded.

When asked about the timeline for this, he said the talks are “progressing at a very fast pace”. Goyal also said that as far as dirhamrupee bilateral trade is concerned, currently, both sides are looking at trading between the two countries only. “Once that gets operationalised, we will see whether there is a potential to expand that further,” headded.

“Iamsurethatgiventhehighlevel of engagement on both sides, not only on Rupee-Dirham trade but also on other digital technologies becoming part of the India UAE framework. I think we have very good things, which will be offered to both the nations in the coming months,” he added.

When asked about the timeline for this, he said the talks are “progressing at a very fast pace”. Goyal also said that as far as dirhamrupee bilateral trade is concerned, currently, both sides are looking at trading between the two countries only. “Once that gets operationalised, we will see whether there is a potential to expand that further,”

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