News / Growing India-UAE trade flows to benefit from domestic currency invoicing

© Tiby Cherian

After a free trade deal last year, India and the UAE are looking to further consolidate economic ties, as bilateral shipments show signs of an acceleration.

Both countries last week agreed to start transacting exports/imports in their own currencies, the rupee and dirham, instead of dollar payments generally done through the SWIFT network.

The agreement – between Reserve Bank of India (RBI) and Central Bank of the UAE (CBUAE) – follows a visit by Indian prime minister Narendra Modi to Abu Dhabi.

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