PM Modi in UAE: India and Gulf nation agree to start trade settlement in local currencies

Prime Minister Narendra Modi on Saturday held comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi to further deepen the multi-faceted bilateral ties, and announced that the two countries have agreed to start trade settlement in their currencies.

In his remarks after meeting the UAE President, Modi said India-UAE trade witnessed a 20 per cent increase since the signing of the Comprehensive Economic Partnership Agreement last year.

Modi said the agreement signed on Saturday for trade settlement in the currencies of the two countries shows the strong economic cooperation and mutual trust between the two nations.

Reserve Bank of India (RBI) and Central Bank of the UAE sign two MoUs to establish a Framework to Promote the use of local currencies for cross-border transactions and cooperation for interlinking their payment and messaging systems: RBI pic.twitter.com/XcPAj4Wk5z

— ANI (@ANI) July 15, 2023

The agreement with the UAE on trade settlement in the two countries' currencies will boost bilateral trade and investments.

#WATCH | "I am thankful for your invitation and I always look for the chance to come here. I have decided to attend the COP-28 Summit in the UAE," says PM Modi in UAE pic.twitter.com/NPcuZmGnjv

— ANI (@ANI) July 15, 2023

Modi said he always got the love of a brother from Sheikh Mohamed bin Zayed Al Nahyan.
"The manner in which ties between our countries have expanded, you have made a big contribution to that. Every person in India views you as a true friend," he told the UAE President.

Modi also noted that preparations for COP-28 to be held in the UAE are going on under the UAE President's leadership, and added that he has made up his mind to participate in the conference later this year.

Modi was accorded a ceremonial welcome in Abu Dhabi at the Qasr-Al-Watan - the presidential palace - where he was greeted by the UAE President with a warm embrace. Children were seen waving the Indian tricolour as the Prime Minister inspected the guard of honour.

#WATCH | "Our bilateral trade has grown by 20%. For the first time, we have achieved $85 billion trade and soon we will achieve the target of $100 billion. If we decide, we can cross this milestone before the G20," says PM Modi, in Abu Dhabi pic.twitter.com/42O4RBpvk1

— ANI (@ANI) July 15, 2023

India and the UAE are engaged across various sectors such as trade, investments, energy, food security, science and technology, education, fintech, defence, security, and robust people-to-people ties.

A full vegetarian meal has been prepared at the banquet hosted by the UAE President Mohammed bin Zayed Al Nahyan in honour of PM Narendra Modi

PM Modi is on a one-day visit to UAE. pic.twitter.com/7sqLIlgD31

— ANI (@ANI) July 15, 2023