India, UAE agree on trade in local currencies, UPI mode
Modi said the agreement signed on Saturday for trade settlement in the currencies of the two countries shows the strong economic cooperation and mutual trust between the two nations.
PM Modi’s image on Burj Khalifa during his visit to UAE Saturday
ABU DHABI: India and the UAE on Saturday agreed to start trade settlement in their currencies and link the Indian Unified Payments Interface with the Gulf country’s Instant Payment Platform (IPP) as Prime Minister Narendra Modi held comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan here.
In his remarks after meeting the UAE President, Modi said India-UAE trade witnessed a 20 per cent increase since the signing of the Comprehensive Economic Partnership Agreement last year.
Modi said the agreement signed on Saturday for trade settlement in the currencies of the two countries shows the strong economic cooperation and mutual trust between the two nations.
“It is always gladdening to meet HH Sheikh Mohamed bin Zayed Al Nahyan. His energy and vision for development are admirable. We discussed the full range of India-UAE ties including ways to boost cultural and economic ties,” Modi tweeted after the meeting.
Modi said he always got the love of a brother from Sheikh Mohamed bin Zayed Al Nahyan.
“The manner in which ties between our countries have expanded, you have made a big contribution to that. Every person in India views you as a true friend,” he told the UAE President.
On the MoUs between the central banks of the two countries, Modi said, “It paves the way for enhanced economic collaboration and will make international financial interactions simpler.”
According to an official statement, the Reserve Bank of India and the Central Bank of the UAE signed two MoUs for – establishing a framework to promote the use of local currencies viz. INR and the UAE Dirham (AED) for cross-border transactions; and for cooperation for interlinking their payment and messaging systems.
The MoUs were signed by RBI Governor Shaktikanta Das and UAE Central Bank Governor Khaled Mohamed Balama, in the presence of PM Modi and Mohamed Bin Zayed.
PM assures India’s support for UAE’s COP-28 presidency
Prime Minister Narendra Modi assured India’s full support for UAE’s COP28 presidency as he held productive talks with the UN climate conference’s President-designate Sultan Al Jaber on ways to further sustainable development and bilateral energy cooperation here on Saturday. Modi arrived here in the capital of the UAE following his successful two-day visit to Paris where he joined French President Emmanuel Macron for the Bastille Day parade as the Guest of Honour and signed several agreements to strengthen bilateral ties.
Sultan Al Jaber is also the Group CEO of Abu Dhabi National Oil Company. “Had a very productive meeting with Dr. Sultan Al Jaber, the President-designate of @COP28_UAE. Our discussions focused on ways to further sustainable development. Highlighted India’s contribution in this direction, in particular our emphasis on Mission LiFE,” PM Modi tweeted.