ABU DHABI: During Prime Minister Narendra Modi’s one-day visit to the UAE, India and the UAE have agreed to start trading in their local currencies and link their fast payment system with it to facilitate the system of financial transactions in international trade. Along with this, it has also been agreed to open a campus of IIT-Delhi in the Gulf country.
Prime Minister Narendra Modi arrived in Abu Dhabi on a one-day visit to the United Arab Emirates. He was given a grand welcome here. At this time, Burj Khalifa, one of the tallest buildings in the world, was displayed with tricolor lights and Prime Minister Modi’s picture. Here he had a wide-ranging discussion with the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan. Meanwhile, both countries agreed to initiate trade agreements in local currency.
After the discussion with the President of the UAE, Prime Minister Modi said that since the signing of the Comprehensive Economic Partnership Agreement last year, there has been a 20 percent increase in India-UAE trade. For the first time we have achieved the target of 85 billion US dollars in trade. Now, before the meeting of G-20 in Delhi in September this year, the target of reaching 100 billion US dollars in trade between the two countries is also likely to be achieved.
During this visit of Prime Minister Modi, two agreements were signed between the Reserve Bank of India and the Central Bank of UAE. This includes the use of local currency for bilateral international trade and cooperation in interconnecting its payment and messaging systems. Under this agreement, a framework will be created with a view to creating a local currency settlement system for transactions in local currencies between India and the UAE, so as to promote the Indian rupee and UAE dirham in bilateral transactions.
Along with this, an agreement has also been made for payment and messaging system. Both central banks have agreed to link their fast payment systems India’s UPI and UAE’s IPP. Along with this, RUP Switch and UAE Switch will also be connected. In addition to these two agreements in the financial sector, an agreement has also been signed to establish a campus of IIT Delhi in Abu Dhabi.
India’s Ministry of Education and Abu Dhabi’s Department of Education and Information signed an MoU to set up a campus of IIT Delhi in the Gulf country.
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