India – UAE Relations
With the signing of two memoranda of understanding (MoU), the Reserve Bank of India and the Central Bank of the United Arab Emirates took a step towards strengthening the circulation of the rupee in the Gulf area.
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In their maiden agreement, the RBI and the Central Bank of the UAE will build a framework to “encourage the use of local currencies (rupee and dirham) for cross-border transactions.” The other Memorandum of Understanding (MoU) between the two central banks aims to link their “payment and communications systems.
Signing of a memorandum of understanding for the opening of an Abu Dhabi branch of the Indian Institute of Technology-Delhi. India-UAE trade increased to $85 billion in 2022. UAE is India’s second-largest export market and third-largest trading partner for the years 2022–2023, according to the Ministry of External Affairs.
The agenda of organisations like the I2U2 (India, Israel, UAE, and USA) and the UAE-France-India trilateral cooperation, under which both sides work with other powers, were also discussed.
India – UAE Relations trade rupee and dirham
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