India-UAE Strengthen Economic Ties with Strategic Currency and Trade Initiatives

The Ministry of Commerce and Industry announced that the central banks of India and the United Arab Emirates (UAE) are moving forward with strategic plans aimed at facilitating bilateral trade in local currencies, integrating payment systems, and collaborating on Central Bank Digital Currencies (CBDCs).

This advancement came to light during the latest meeting of the India-UAE High Level Joint Task Force on Investments, held in Abu Dhabi. Co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority, and India's Union Minister Piyush Goyal, the meeting highlighted existing collaborations and discussed future initiatives.

The UAE and Indian delegations, which included senior government officials, explored a range of economic topics, with a firm commitment to resolving current investment challenges each country faces. The joint initiatives follow a positive trend in economic collaboration, notably seeing a significant increase in bilateral non-oil trade since the implementation of the India-UAE Comprehensive Economic Partnership Agreement in 2022.

(With inputs from agencies.)