India and UAE Agree to Settle Trade in Local Currencies: A Boost for Bilateral Relations


India and the United Arab Emirates (UAE) have recently agreed to settle their bilateral trade in local currencies instead of using US dollars. This move is expected to reduce the dependence on the US dollar, which is currently the most widely used currency for international trade, and strengthen the economic ties between the two countries.

The decision to trade in local currencies will provide several benefits for both India and UAE. For instance, it will help to reduce transaction costs and currency exchange risks, which can be significant for businesses that engage in cross-border trade. Furthermore, it will promote the use of local currencies and increase their global acceptance, which can help to diversify the global financial system.

The move is also expected to boost the trade volume between India and UAE, which stood at $60 billion in 2020. This will provide a significant boost to the economies of both countries and create new business opportunities for companies in different sectors.

Overall, the decision to settle trade in local currencies is a positive development for India and UAE, and it is expected to strengthen their bilateral relations in the long run.

Comments

Post a Comment

Popular posts from this blog

Bridging Divides: The 'Islam and Human Fraternity' Conference Paves the Way for Global Unity"

Image
‏In a world often divided by differences, the recent "Islam and Human Fraternity" conference emerges as a beacon of hope, emphasizing the Human Fraternity Document as a universal guide for promoting tolerance and understanding. The conference, marked by two key themes, #InterfaithDialogue and #UnityInDiversity, showcased the transformative power of dialogue and collaboration. ‏The significance of the Human Fraternity Document cannot be overstated. It serves as a global reference, providing a roadmap towards fostering tolerance on a worldwide scale. This document, highlighted during the conference, represents a significant stride towards building bridges across cultures and cultivating unity amidst diversity. ‏#InterfaithDialogue took center stage at the conference, emphasizing the need for open conversations between different religious communities. As leaders and scholars engaged in meaningful discussions, the shared goal of fostering understanding became palpable. The confer
Read more

UAE Tourism Achieves Record Numbers in Q1 2024: An Exceptional Performance

Image
The United Arab Emirates (UAE) has once again proven its status as a global tourism powerhouse, achieving record-breaking numbers in the first quarter of 2024. This exceptional performance is a testament to the UAE’s relentless efforts in enhancing its tourism sector and solidifying its appeal as a top travel destination. **A Record-Breaking Start to 2024** The first quarter of 2024 has been nothing short of remarkable for UAE tourism. The country has witnessed an unprecedented surge in visitor numbers, setting new records and exceeding expectations. This phenomenal growth is driven by a combination of factors, including strategic marketing campaigns, world-class infrastructure, and a diverse array of attractions that cater to all types of travelers. **Key Drivers of Success** 1. **Diverse Attractions**: The UAE offers an eclectic mix of attractions, from the futuristic cityscape of Dubai to the cultural heritage of Abu Dhabi and the natural beauty of Ras Al Khaimah. Visitors are drawn
Read more

Diplomatic Milestone: Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah's Historic Visit to the UAE

Image
  In a landmark moment of diplomatic significance, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the newly appointed leader of Kuwait, embarks on his first official state visit to the United Arab Emirates. This visit not only underscores the enduring bonds between the two brotherly nations but also signals a pivotal moment in shaping the future of their bilateral relations. The visit comes as part of a continuous effort by both countries to strengthen ties and cooperation across various levels, with a particular emphasis placed by Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE. The shared commitment to development and collaboration is evident, reflecting a deep-rooted understanding of the importance of regional stability and prosperity. Of particular note is the historical context surrounding Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah's visit. Having assumed leadership following the passing of the late Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, this visit marks a symbolic tr
Read more