India, UAE to raise non-petroleum trade to $100 bn by 2030, agree to conduct trade in local currency

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India, UAE to raise non-petroleum trade to $100 bn by 2030, agree to conduct trade in local currency

Posted: June 12, 2023
Updated: 10:31 pm

India, UAE to raise non-petroleum trade to $100 bn by 2030, agree to conduct trade in local currency

New Delhi, June 12 : India and the United Arab Emirates (UAE) on Monday agreed to raise bilateral trade sans petroleum products, to $100 billion by 2030. This was informed by Union Commerce Minister Piyush Goyal after his meeting with UAE's foreign trade minister Thani bin Ahmed Al Zeyoudi. The two countries are also discussing possibilities of conducting bilateral trade in local currencies under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), Goyal informed further. Central banks of both India and UAE are actively in talks for India-UAE bilateral trade in local currencies under CEPA, he said, after the first meeting of CEPA. Goyal said that the RBI and UAE central bank are in active discussions for rupee-dirham trade and the Finance Ministry supports the move. /IANS

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