In a landmark move, the UAE and India on Tuesday signed a currency swap agreement, which means businesses can now do trade using local currencies of rupee and dirham, instead of dollar.
The two countries are one of the largest trade partners for each other and have made robust investments bilaterally. The latest development will be a big boost to import and export bilateral trade.
The agreement to this effect was inked between the Indian External Affairs Minister Sushma Swaraj and Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation at ministry’s headquarters in Abu Dhabi. Both leaders agreed to boost cooperation in trade, security and defence. The leaders also decided to strengthen their resolve to combat extremism and terrorism in all its forms, regardless of the perpetrators and their intent.
Sheikh Abdullah said the UAE has always shared strong historical ties with India. Swaraj congratulated the leadership, government and the people of the UAE on the occasion of the celebration of the National Day. The ministers also oversaw memorandums of understandings being signed.
Source Credit: Khaleej Times