India, UAE trade settlement in local currencies soon

INDIA AND THE United Arab Emirates (UAE) on Thursday committed to finalise the implementation of bilateral trade settlement in local currencies and integration of their respective payment systems in the near future.

- FE BUREAU

At a meeting of the India-UAE High Level Joint Task Force on Investments in Abu Dhabi, both sides discussed the ongoing strategic initiatives between central banks of both countries as well as the cooperation on Central Bank Digital Currencies (CBDCs). They commended the progress made so far on local currency trade, linking of payment systems, and CBDCs.

Commerce and industry minister Piyush Goyal and Abu Dhabi Investment Authority (ADIA) managing director Sheikh Hamed bin Zayed Al Nahyan co-chaired the meeting.