Rupee-dirham deal is bilateral, not about resolving Russia payments issue: UAE Envoy in India

The India-UAE rupee-dirham deal signed during Prime Minister Narendra Modi’s visit to Abu Dhabi is bilateral, and does not carry any agenda to “de-dollarise” the global economy, said the United Arab Emirate’s Ambassador to India. Speaking to The Hindu after Mr. Modi returned from his meeting with UAE President Mohammad bin Zayed al Nahyan on Saturday, Ambassador Abdulnasser Alshaali said that the deal would significantly ease the path for trade between India and the UAE by lowering transaction costs and making it easier to convert the currency. “The idea is not to per se increase trade right away, but to actually have the option to set it up in local currencies, to have the right mechanism in place to be able to do that,” said Dr. Alshaali, who holds a Ph.D in Economics and was previously the Assistant Minister for Economic and Trade Affairs within the UAE Foreign Ministry. “What matters to us is we want to make sure that India as a host of the G20 can see and count on the UAE as a true strategic partner, which is why it’s not just about us being present in Jammu and Kashmir, but as also taking part in the other meetings, not only at the official level, but at the ministerial level,” Mr. Alshaali said, adding that he was confident that India would find a way to forge a joint communique at the end of the G20 summit, despite current differences over the Ukraine war.