UAE and India sign Currency Swap Deal

UAE and India have signed a currency swap deal to boost bilateral trade. Now, instead of dollar both these countries can do trade in their national currencies that is Indian rupee and dirham. The trade between UAE and India accounts for almost $50 billion which makes them one of the biggest trade partners. Now the recent development between  the courtiers will give a major boost to the import and export of UAE and India. During the two-day visit of Indian External Affairs Minister Sushma Swaraj at the Minister of Foreign Affairs and International Cooperation headquarters in Dubai this deal was finalized. The minister with Sheikh Abdullah bin Zayed Al Nahyan, co-chaired the 12th session of the UAE-India Joint Commission Meeting. Both the of the leaders agreed the necessity to boost trade, defence and security along with strengthening their goal to fight terrorism.

According to Sheikh Abdullah, India and the UAE have shared strong historical ties. He said that mutual respect and trust is essential in bilateral relations. Similarly, Sushma Swaraj congratulated UAE government and citizens on the occasion of their National Day.

Read also: Pakistan seeks $6 billion financial assistance package from the UAE

The memorandums of understandings was signed in the presence of the Ministers. The first deal was for development in African region and the second agreement was the currency swap deal. The deal is inked between UAE’s Central Bank and India’s Reserve Bank. It was signed by Deputy Governor of the Central Bank of UAE Mohammed Ali bin Zayed Al Falasi and Navdeep Singh Suri the Indian Ambassador to the UAE.

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