India UAE Sign Pact to Trade in Rupee and Dirham
India AND UAE sign a pact to carry out trade in their own currency instead of dollars.
The Indian External Minister Sushma Swaraj was in the UAE to attend the 12th session of the UAE-India Joint Commission Meeting. She met the UAE External Affairs Minister Abdullah bin Zayed AL Nahy with whom she discussed different topics such as trade, defence and security. .
During her visit, Sushma Swaraj along with the UAE Foreign Minister inaugurated the Gandhi-Zayed Digital Museum in Abu Dhabi to honour Gandhi’s 150th birth anniversary and also the 100TH birth anniversary of Abu Dhabi’s founder Sheikh Zayed.
In this meeting the two countries signed a pact to carry out trade in the Rupee and Dirham currency only. They decided to stop trade using Dollar. They also agreed to carry out development projects in Africa.
India Imports large quantities of oil from the UAE. Around 3.3 million Indian citizens are currently living in the UAE.
These agreements made by the two countries will help make their relationship stronger and the use of domestic currencies will be extremely beneficial too.