India, UAE Central banks discussions on rupee-dirham trade progressing very fast: Piyush Goyal
Discussions between the central banks of India and UAE on Encouraging bilateral trade in rupees and dirhams to reduce transaction costs Trade and Industry Minister Piyush Goyal said on Monday that progress is progressing at a “very fast” pace.
He added that since the top leaders of the two countries are crucial, one can “imagine good results very soon” in this matter.
India and the UAE already implemented the Free Trade Agreement (FTA) in May last year to give a boost to bilateral trade and economic relations. The central banks of both countries are discussing standard operating procedures and modalities.
These talks started in March 2022, Goyal told reporters here, and now “it’s been about a year since then, but both countries have made great progress.”
He said the Reserve Bank of India and the Central Bank of the UAE are having a “very active” dialogue and the Finance Ministry here is “very” supportive and dealing with the whole issue.
“I am sure that due to the high level of involvement on both sides, not only in the rupee and dirham trade but also on other digital technologies that have become part of the framework of India and the UAE. I think we have very good things, which will be presented to both nations in the coming months.” coming.”
When asked about the timeline for that, he said the talks are “progressing at a very fast pace”. Goyal also said that with regard to bilateral trade between the dirham and the rupee, the two sides are currently looking into trade between the two countries only. “Once that’s operational, we’ll see if there’s potential to expand that further,” he added.