India and United Arab Emirates to stop using U.S. dollars in trade


India, UAE Sign Currency Swap Deal to Boost Trade Ties

By Fareed Rahman
From Gulf News, Dubai, United Arab Emirates
Tuesday, December 4, 2018

ABU DHABI, United Arab Emirates -- India and the UAE today signed a currency swap agreement to boost trade and investment ties between the two countries.

The development came during the visit of Indian External Affairs Minister Sushma Swaraj to Abu Dhabi to take part in the ministerial meeting of the 12th session of the UAE-India Joint Commission Meeting and held exhaustive discussions with Shaikh Abdullah Bin Zayed Al Nahyan, the UAE's minister of foreign affairs and international cooperation.

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"Advancing the Comprehensive Strategic Partnership, External Affairs Minister SushmaSwaraj and Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence, and consular issues, among others," Raveesh Kumar, India's external affairs ministry spokesperson tweeted.

Through the currency swap agreement, India and the UAE can make payments in their respective currency to boost and trade investment without the involvement of a third currency like the U.S. dollar. Clarifying the currency swap agreement, the Indian embassy in Abu Dhabi said the swap is for an amount of 2 billion UAE dirhams or 35 billion Indian rupees, depending on the central bank requesting the amount.

"The bilateral currency swap agreement between India and the UAE is expected to reduce the dependence on hard currencies like the U.S. dollar," the Indian embassy said. ...

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