India's commerce and industry minister Piyush Goyal stated that India and the UAE are looking into measures to increase the rupee-dirham trade because it would significantly affect bilateral trade.
He also said it will help the two countries in making remittances flow from the UAE to India at a lower cost. “We have looked at further expanding the rupee-dirham trade, which has been operationalised with the efforts of the central bank of the UAE and RBI,” he said. “I have just completed discussions with RBI and the central bank of UAE and we have agreed that we will work with industry and bankers to speed up and operationalise rupee-dirham trade much faster, much bigger.”
The India-UAE High Level Task Force on Investments is convening for the 11th time and Goyal is in attendance. A minimum of 5% of all trade between the two nations will be saved by trading in home currencies, he noted. The two parties talked about developing industrial and food parks in India. India and the UAE have already implemented a free trade agreement in May last year to give a boost to bilateral trade and economic ties. Bilateral trade between the countries increased to $84.9 billion in 2022-23 from $72.9 billion in 2021-22.