India and the United Arab Emirates (UAE) inked Memorandums of Understanding (MoUs) for setting up a link in real-time for cross-border transactions and settle trade in domestic currencies.
India, UAE Sign Agreements
The agreements were signed as Prime Minister Narendra Modi paid a visit to Abu Dhabi on July 15 for improved cooperation in areas like trade, energy and climate action.
3.5 million Indian expatriates are settled in the Emirates. They account for about 30% of the country’s population. The bilateral trade was boosted in February 2022, with the signing of the Comprehensive Economic Partnership Agreement (CEPA).
The bilateral trade between India and the UAE was worth $84.5 billion in 2022-23. Narendra Modi was welcomed to Abu Dhabi at the airport by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.
Modi and Sheikh Mohamed bin Zayed participated in the signing of two MoUs between the Reserve Bank of India (RBI) and the Central Bank of UAE. In addition, another MoU between India’s education ministry and Abu Dhabi authorities will pave the way for setting up the new IIT-Delhi campus.
