RuPay Boosts India-UAE Trade To $100 Billion With Direct Rupee-Dirham Trade

New Delhi, Jan 11 (KNN) Union Minister Piyush Goyal, speaking at the UAE India Business Summit during the Vibrant Gujarat Global Summit, announced plans to promote RuPay and facilitate direct trade between the Indian rupee and UAE dirham.

This strategic move is part of a broader objective to elevate bilateral trade to a substantial USD 100 billion, underscoring the diverse facets of the India-UAE partnership.

Goyal highlighted the success of the India UAE Comprehensive Economic Partnership Agreement (CEPA) in boosting bilateral trade. He emphasised the need for innovative proposals from industry and business to further enhance this partnership. Collaborative efforts, such as the India-Middle East-Europe economic corridor, were also discussed.

The summit showcased the strengthening bonds between the two nations, with Goyal commending the leadership of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi.

Acknowledging financial initiatives, Goyal recognised the contributions of key figures such as Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, and Sultan Ahmed bin Sulayem, Chairman and CEO of DP World Group.

Noteworthy plans, like establishing a Bharat Park in the Jebel Ali Free Zone and investments by Yousuf Ali Abdulqader, Vice Chairman of the Abu Dhabi Chamber of Commerce, were also highlighted.

Goyal concluded by inviting investors to participate in India's growth story, leveraging the nation's demographic advantage and young, aspirational population. The summit concluded with a resolute commitment to a lasting partnership between India and the UAE.

(KNN Bureau)