India-UAE trade in rupees, dirhams enters double digits: Piyush Goyal
Trade between India and the UAE settled in local currencies has reached double digits, Commerce and Industry Minister Piyush Goyal said Monday. Bilateral trade is also nearing pre-war levels and is expected to recover in coming months. Goyal said businesses are increasingly recognising the benefits of rupee-dirham settlements amid geopolitical disruptions.
Bilateral trade between India and the UAE has reached double digits when settled in local currencies, according to Commerce and Industry Minister Piyush Goyal. Goyal stated that India and the UAE are working towards restoring trade to pre-war levels and then expanding it further. The use of rupee-dirham settlements has been increasing as businesses become more familiar with its benefits, with the share of trade using this mechanism now in double digits.
The broader geopolitical environment, particularly the risks to the Strait of Hormuz, has impacted trade flows, but merchandise exports from India rose more than 15% in the first six months of the financial year. Goyal will be visiting the US this week to attend the G20 trade ministers' meeting and hold discussions with US Trade Representative Jamie L. Raskin on the proposed bilateral trade agreement.
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- Commerce minister Piyush Goyal to visit US for trade talks, G20 ministers’ meeting economictimes.indiatimes.com
