NEW DELHI, Oct 11 (NNN-Bernama) — India and the United Arab Emirates (UAE) have discussed using their national currencies for bilateral trade as the two countries seek to broaden their economic relations.
Indian Commerce Minister Piyush Goyal and Abu Dhabi Executive Council member Sheikh Hamed Bin Zayed Al Nahyan on Tuesday co-chaired a UAE-India joint business committee meeting in Mumbai to discuss expanding trade and investments.
“An important area discussed was the creation of a mechanism for carrying out bilateral trade in national currencies,” the Indian Ministry of Commerce said in a statement.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA), which came into force in May this year, aims to boost bilateral non-oil trade from US$60 billion to US$100 billion per year in the next five years.
