India, UAE in talks to trade in rupee, partner on defence tech: UAE envoy
2 years, 2 months ago

India, UAE in talks to trade in rupee, partner on defence tech: UAE envoy

Live Mint  

India and UAE are discussing using the rupee settlement mechanism for trade, UAE’s ambassador to India Abdulnasser Alshaali said. UAE is India’s third-largest trade partner after the US and China. In an interview, Alshaali said the GCC-India free trade agreement, negotiations for which is expected to begin next year, could have certain aspects of the India-UAE FTA, and that both countries are also in talks to partner on defence technology. Sometime around seven to eight years ago, things started taking a different turn in the bilateral relationship, highlighted by more high-level visits between the two countries.

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History of this topic

Opinion: Three years on - What the world can learn from India-UAE trade agreement
2 weeks, 2 days ago

Opinion: Three years on - What the world can learn from India-UAE trade agreement

India Today  

Free trade agreements, trade deals, investment treaties, and tariff wars have become regular buzzwords in the global political landscape. But even as the air is thick with mistrust and uncertainty, one trade agreement stands out: the Comprehensive Economic Partnership Agreement signed between India and the UAE. In terms of India’s exports, non-oil exports reached $27.4 billion in FY2023-24, recording an …

Bilateral goods trade between India and UAE doubles as CEPA completes three years
3 weeks, 4 days ago

Bilateral goods trade between India and UAE doubles as CEPA completes three years

Live Mint  

New Delhi: The India-United Arab Emirates Comprehensive Economic Partnership Agreement has proven to be a significant driver of trade growth between the two countries as it completes three years since signing on Tuesday. Bilateral merchandise trade between India and the UAE has nearly doubled in this period, rising from $43.3 billion in FY21 to $83.7 billion in FY24, according to …

India imports more from China, exports less during Apr-Oct 2024: Govt data
Trending News
4 months ago

India imports more from China, exports less during Apr-Oct 2024: Govt data

Firstpost  

During the period, the top 10 import sources of India were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore, the data showed China was India’s top import source with $65.89 billion, a 9.8 per cent year-on-year increase, worth of inbound shipments during the April-October period of this fiscal, according to the commerce ministry data. …

The balance needed to internationalise the ₹
6 months ago

The balance needed to internationalise the ₹

New Indian Express  

During the recent visit of Malaysian PM Anwar Ibrahim, Narendra Modi announced that trade between India and Malaysia can now be settled in Indian rupees and Malaysian ringgits. This announcement is the next step in decreasing the country’s reliance on the US dollar after the Reserve Bank allowed settlement of international trade in the rupee in 2022. Using the rupee …

Piyush Goyal: Bangladesh, Sri Lanka, number of other countries want to start rupee trade with India
1 year ago

Piyush Goyal: Bangladesh, Sri Lanka, number of other countries want to start rupee trade with India

The Hindu  

New Delhi Many developed and developing countries including Bangladesh, Sri Lanka, and nations of the Gulf region are keen to start trade in rupee with India as it would help cut transaction costs for businesses, Commerce and Industry Minister Piyush Goyal has said. Mr. Goyal said that it is now picking up traction and a lot of countries have come …

Ties across the sea: The Hindu Editorial on the India-UAE close relationship
1 year ago

Ties across the sea: The Hindu Editorial on the India-UAE close relationship

The Hindu  

At first glance, Prime Minister Narendra Modi’s visit to the United Arab Emirates last week, might have seemed like any other bilateral visit he has undertaken. The timing may have been related to an invitation to address the ‘World Governments Summit’ in Dubai and to inaugurate Abu Dhabi’s first Hindu temple, but the 10 bilateral agreements signed need a closer …

India-UAE relations look beyond the diaspora
1 year, 1 month ago

India-UAE relations look beyond the diaspora

Hindustan Times  

To say that the Ahlan Modi event in Abu Dhabi on Tuesday was a grand event would be an understatement. The big shift that has taken place in recent years is that the relationship has become independent of domestic politics, and reflects the churn in global politics as well as transformations in West Asia. New Delhi sees Abu Dhabi as …

First rupee payment for oil to UAE: India looks for more deals, no targets: Officials
1 year, 2 months ago

First rupee payment for oil to UAE: India looks for more deals, no targets: Officials

The Hindu  

India's first-ever payment in rupees for crude oil purchased from the UAE is helping the world's third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets. India in July signed an agreement with the UAE for rupee settlement …

Abu Dhabi considers investment worth $50 billion in India
1 year, 4 months ago

Abu Dhabi considers investment worth $50 billion in India

Firstpost  

Over the past decade, the two nations have been working to strengthen their relationship and have set a goal to increase non-oil bilateral trade to $100 billion. Notably, Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since assuming office as the Prime Minister in 2014. Earlier this year, India and the UAE set a …

‘India, UAE can broaden economic ties’
1 year, 4 months ago

‘India, UAE can broaden economic ties’

Live Mint  

India and the United Arab Emirates are looking to identify and incorporate commodities to diversify trade between the two countries, UAE ambassador to India 8said in an interview. He added that India, Europe, and the Middle East MoU for the India-Middle East-Europe Economic Corridor could potentially reduce shipping costs and facilitate efficient trade in goods and services. India, Europe, and …

Dedollarisation: 22 countries exploring bilateral trade with India in rupees, says Nirmala Sitharaman
1 year, 6 months ago

Dedollarisation: 22 countries exploring bilateral trade with India in rupees, says Nirmala Sitharaman

Firstpost  

Union Finance Minister Nirmala Sitharaman said these 22 countries are willing to settle bilateral trade in Indian rupee, ‘because many of… those are running short of dollar’ As many as 22 countries approached India to explore bilateral trade in rupees, Union Finance Minister Nirmala Sitharaman said, adding that negotiations with them are underway. Sitharaman said that these countries are willing …

Trade is at the heart of the India-UAE relations
1 year, 6 months ago

Trade is at the heart of the India-UAE relations

Hindustan Times  

Later this week, New Delhi will host the most significant global forum in its history. UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi pose for a photograph during an official visit reception at Qasr Al Watan, Abu Dhabi, UAE, July 15, 2023. In 2017, the UAE-India relationship was formally elevated to a Comprehensive Strategic …

Explained | The India-UAE deal to trade with local currencies
1 year, 7 months ago

Explained | The India-UAE deal to trade with local currencies

The Hindu  

The story so far: During Prime Minister Narendra Modi’s recent visit to the UAE, the Reserve Bank of India and its Abu Dhabi-headquartered counterpart the Central Bank of the UAE signed two memoranda of understanding. The apex banking regulator in India said that the UPI-IPP linkage would enable users in either country to “make fast, convenient, safe, and cost-effective cross-border …

Eye on Emirati flows: on the new India-UAE framework and rupee-dirham transactions
1 year, 7 months ago

Eye on Emirati flows: on the new India-UAE framework and rupee-dirham transactions

The Hindu  

The Reserve Bank of India and the Central Bank of the UAE agreed on July 15 to establish a framework for enabling the use of the two countries’ local currencies for cross-border transactions. The move towards permitting payments in the Indian rupee and the UAE dirham is aimed at promoting their use bilaterally, thus reducing the dependence on a third …

Rupee-dirham deal is bilateral, not about resolving Russia payments issue: UAE Envoy in India
1 year, 7 months ago

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

The Hindu  

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 …

India and UAE set to use rupee, dirham for trade
1 year, 8 months ago

India and UAE set to use rupee, dirham for trade

The Hindu  

India on Saturday moved a step closer to increasing circulation of the rupee in the Gulf region with the signing of two memoranda of understanding between the Reserve Bank of India and the Central Bank of the United Arab Emirates. The first agreement between the RBI and the UAE Central Bank will establish a framework to “promote the use of …

India to trade in rupee with countries with currency failure
1 year, 11 months ago

India to trade in rupee with countries with currency failure

Deccan Chronicle  

Chennai: As the Foreign Trade Policy sought internationalisation of rupee, Commerce Secretary Sunil Barthwal said India is ready to trade in Indian rupee with countries facing currency failure or having dollar shortage. The decision to elevate the rupee’s status as an international trade settlement currency comes at the right time when several economies are rattled by currency fluctuations and dollar …

Rupee races to replace dollar as UAE to join 18 others to settle trade in INR
1 year, 11 months ago

Rupee races to replace dollar as UAE to join 18 others to settle trade in INR

Firstpost  

India had prepared a concept paper on Rupee-Dirham trade and shared it with the UAE last year New Delhi: UAE may soon join 18 other countries that have agreed to trade in the India Rupees and give up dollar as cross-border transaction mode. Must Read: Rupee closer to replacing dollar as 18 nations agree to trade in INR For the …

India to soon trade in rupee with UAE, Malaysia and Nigeria
2 years ago

India to soon trade in rupee with UAE, Malaysia and Nigeria

Firstpost  

Officials from Reserve Bank of India are in discussion with their counterparts in UAE, Nigeria and Russia over the last few months to work out on rupee trade mechanism with the local currencies of the countries New Delhi: After Russia, trade settlement in Indian rupee will soon be possible with the UAE, Malaysia and Nigeria. A report by Business Standard …

UAE in discussion with India to trade non-oil commodities in rupees
2 years, 1 month ago

UAE in discussion with India to trade non-oil commodities in rupees

Firstpost  

Majority of Gulf trade is carried out in US dollars. However, several countries including India and China have been increasingly seeking to pay in local currencies as it lowers transaction costs apart from several other benefits Switzerland: The United Arab Emirates is in discussion with India to trade non-oil commodities in Indian rupees, Emirati Foreign Trade Minister Thani Al Zeyoudi …

Saudi Arabia to trade in Indian rupee? kingdom says open to discussions on settlement in currencies other than dollar
2 years, 1 month ago

Saudi Arabia to trade in Indian rupee? kingdom says open to discussions on settlement in currencies other than dollar

Firstpost  

The statement Saudi Arabia’s finance minister comes within months after he held discussions with Indian trade minister Piyush Goyal on the feasibility of institutionalising Rupee-Riyal trade and introduction of UPI and Rupay cards in the kingdom Davos: Saudi Arabia said it is open to discussions about trade in currencies other than the US dollars. He also said, “I don’t think …

Indian rupee going global? After Russia, 35 countries show interest in INR trade settlement mechanism
2 years, 2 months ago

Indian rupee going global? After Russia, 35 countries show interest in INR trade settlement mechanism

Firstpost  

India’s rupee trade settlement mechanism is a method of using INR instead of dollars and other big currencies for international transactions New Delhi: Days after sanctions-hit Russia became the first overseas country to start foreign trade in Indian rupee, about 35 nations have expressed interest in better understanding the rupee trade mechanism. The India’s central bank - Reserve Bank of …

India rupee settlement mechanism draws interest from more nations
2 years, 2 months ago

India rupee settlement mechanism draws interest from more nations

The Hindu  

India's rupee trade settlement mechanism, a means of using rupees instead of dollars and other big currencies for international transactions, is attracting interest from more countries. The four countries have shown interest in opening special rupee accounts, called vostro accounts, but partner banks in India have not yet provided those facilities, documents showed. Talks with Gulf nations India continues to …

Indian rupee goes global, the likes of Cuba, Sudan want to follow suit
2 years, 2 months ago

Indian rupee goes global, the likes of Cuba, Sudan want to follow suit

Firstpost  

The Reserve Bank of India announced the setting up of a mechanism to carry out international trade in Indian rupees. The Indian government is looking at ways to bring countries that are particularly short of dollars into the ambit of the mechanism India’s rupee trade settlement has attracted other nations to adopt a similar mechanism. The Indian rupee trade settlement …

India, UAE central banks discuss rupee, dirham trade
2 years, 3 months ago

India, UAE central banks discuss rupee, dirham trade

The Hindu  

The Central banks of India and UAE are discussing a concept paper on promoting bilateral trade in rupee and dirham with a view to reduce transaction cost, a top official said on Friday. India and the UAE had already signed a free trade agreement in February to give a fillip to bilateral trade and economic ties. The free trade agreement …

Indian embassy in UAE takes steps to increase utilisation of free trade agreement
2 years, 3 months ago

Indian embassy in UAE takes steps to increase utilisation of free trade agreement

India TV News  

According to sources, the commerce department and the Indian embassy in the UAE is taking a series of steps such as organising buyer-seller meets and encouraging states to organise road shows to increase the utilisation of the free trade agreement between the countries. Speaking at the media briefing, Indian Ambassador to the UAE Sunjay Sudhir said that states are being …

India invites UAE as guest country for 2023 G20 Summit in New Delhi
2 years, 3 months ago

India invites UAE as guest country for 2023 G20 Summit in New Delhi

India Today  

As president and host of the G20 summit to be held in 2023, India has invited the United Arab Emirates as a special invitee to the summit in New Delhi. This message was conveyed by the External Affairs Minister, Dr. S Jaishankar to the United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan during their bilateral talks in …

India goes for global trade payments in rupees: What it means & challenges ahead
2 years, 8 months ago

India goes for global trade payments in rupees: What it means & challenges ahead

India Today  

The Reserve Bank of India has announced that it is putting into place a mechanism for international trade settlements in rupees. The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said. "In order to promote growth of global trade with emphasis on exports from India and to …

RBI's Decision On Cross-Border Trade in Rupee: What Is The New System, How Will It Help?
2 years, 8 months ago

RBI's Decision On Cross-Border Trade in Rupee: What Is The New System, How Will It Help?

News 18  

The Reserve Bank of India‘s latest decision to allow rupee transactions in international trade will help in subsiding price pressures and strengthen India’s presence in the global market. It added that for settlement of trade transactions with any country, authorised dealer banks in India may open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country. According to …

RBI introduces mechanism for international trade settlement in rupees
2 years, 8 months ago

RBI introduces mechanism for international trade settlement in rupees

India Today  

The Reserve Bank of India is putting into place a mechanism for international trade settlements in rupees, which banks will need to seek prior approval to use, it said in a release on Monday. The order takes immediate effect and the mechanism is designed to "promote growth of global trade with emphasis on exports," the RBI said. "In order to …

Modi in UAE: Why India Is in a Unique Position in Middle Eastern Quad
2 years, 8 months ago

Modi in UAE: Why India Is in a Unique Position in Middle Eastern Quad

The Quint  

Shortly before these visits, Israel was in the headlines for signing a free trade agreement with the UAE, whose pragmatic leader Sheikh Mohamed bin Zayed had shaken up regional geopolitics when his country became the first Gulf state and only the third Arab state to normalise relations with Israel in 2020. Just before this agreement, the UAE had entered into …

UAE-India: Towards greater strategic partnership
2 years, 9 months ago

UAE-India: Towards greater strategic partnership

Hindustan Times  

The baton of leadership has officially been passed on in the United Arab Emirates with the demise of the UAE president and ruler of Abu Dhabi, Sheikh Khalifa bin Zayed Al Nahyan, on May 13,2022. India and UAE share a very close relationship, built on a strong foundation of brotherhood, trade, energy security, security and people to people ties. The …

Turning to trade winds: The Hindu Editorial on India-UAE Comprehensive Economic Partnership Agreement
3 years ago

Turning to trade winds: The Hindu Editorial on India-UAE Comprehensive Economic Partnership Agreement

The Hindu  

A little over two years after it turned its back at the last minute on a major multilateral trade agreement it had spent years negotiating, India last week announced the signing of a Comprehensive Economic Partnership Agreement with the United Arab Emirates. The free trade pact is a tacit acknowledgment that India needs to strengthen its trade ties with existing …

Explainer - India-UAE CEPA
3 years ago

Explainer - India-UAE CEPA

The Hindu  

The story so far: On February 18, 2022, India and the United Arab Emirates inked a trade pact, Comprehensive Economic Partnership Agreement during a virtual summit led by Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan. The Comprehensive Economic Partnership Agreement is a bilateral trade pact that will cover over a period …

India and the UAE are partners in prosperity
3 years ago

India and the UAE are partners in prosperity

Hindustan Times  

This week was a historic moment for the United Arab Emirates and India. Moreover, the UAE and India signed a Comprehensive Strategic Partnership Agreement in January 2017 to set out an ambitious roadmap for political and economic cooperation. First, it will trigger increased investment flows, lower tariffs, and create enormous new opportunities for key sectors in both India and the …

India-UAE CEPA Will Lead to Glorious, Shared Future: EAM Jaishankar
3 years ago

India-UAE CEPA Will Lead to Glorious, Shared Future: EAM Jaishankar

News 18  

External Affairs Minister S Jaishankar said the Comprehensive Economic Partnership Agreement signed between India and the UAE on Friday marked a milestone in the bilateral ties, which will lead to a glorious, shared future and enhanced investments. The path-breaking trade agreement was signed during a virtual summit between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin …

India, UAE sign trade agreement to boost economic ties
3 years ago

India, UAE sign trade agreement to boost economic ties

The Hindu  

India and the United Arab Emirates signed a bilateral “comprehensive” trade pact on Friday. Announcing the Comprehensive Economic Partnership Agreement, the biggest trade pact of the last seven years, Prime Minister Narendra Modi welcomed investment from the Gulf country into Jammu and Kashmir and said the initiative would open new routes for regional trade and connectivity and advance “collective interests” …

India working on FTAs with UAE, five others: Goyal
3 years, 2 months ago

India working on FTAs with UAE, five others: Goyal

Hindustan Times  

India is working on at least six free trade agreements, including one with the United Arab Emirates that can create a gateway for Indian trade to the Middle East and Africa and New Delhi may set up a huge India Mart in Dubai to tap that market, commerce minister Piyush Goyal said on Friday. Speaking at the annual convention of …

India, UAE Plan to Lift Bilateral Trade to $100 Billion in 5 Years Via New Pact
3 years, 5 months ago

India, UAE Plan to Lift Bilateral Trade to $100 Billion in 5 Years Via New Pact

News 18  

India and United Arab Emirates plan to conclude a Comprehensive Economic Partnership Agreement by the end of the year with the aim to lift trade between the two countries by 70% in five years, trade ministers of both countries said. India’s Trade Minister Piyush Goyal said on Wednesday both countries would also aim to sign an ”early harvest” trade deal …

UAE, India look to double trade to at least $100B over five years
3 years, 5 months ago

UAE, India look to double trade to at least $100B over five years

Al Jazeera  

The United Arab Emirates is trying to burnish its credentials as a global hub for business and finance in the face of growing regional competition from Saudi Arabia. The two governments are set to start talks on an economic pact aimed at boosting business, investment and jobs, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on a …

India and UAE seal currency swap agreement during Sushma Swaraj’s 2-day visit
6 years, 3 months ago

India and UAE seal currency swap agreement during Sushma Swaraj’s 2-day visit

Op India  

In a landmark move, Union Minister for External Affairs Sushma Swaraj, in her two-day visit to Abu Dhabi, has inked a currency swap deal with the UAE, which allows the two countries to trade in their own currency. ‘Currency Swap‘ pact allows trading by the two countries in their own currency and payments to import and export trade at pre-determined …

India, UAE to set up joint business council
9 years, 6 months ago

India, UAE to set up joint business council

India TV News  

New Delhi: Following Prime Minister Narendra Modi's visit to the UAE last month, India's historic ties with the Gulf nation are poised to go to a new level with the setting up of a joint business council later on Thursday. "India and the UAE will sign an agreement later in the day for setting up a joint business council for …

Trade in rupee
10 years, 10 months ago

Trade in rupee

The Hindu  

To save precious foreign exchange, India is considering doing business with major trading partners, which include non-oil exporting nations, in the local currencies. Oil exporters in general are not interested in trading in local currencies because they have huge trade surpluses with India and have little to gain from rupee trade. In 2013, the government formed a task force with …

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