India-UAE central banks are in active dialogue for rupee trade under CEPA: Mr. Piyush Goyal
- IBEF
- June 13, 2023
According to Mr. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution, and Textiles, the central banks of India and the UAE are actively negotiating to allow bilateral trade between the two countries (rupee and dirham) to take place in local currencies under the Comprehensive Economic Partnership Agreement (CEPA).
He made his remarks after the first joint committee meeting for the CEPA between India and the UAE. He further added that India is also discussing the Unified Payments Interface (UPI) platform being made available to UAE businesses for payments.
The India-UAE CEPA became operative on May 1, 2022. In FY23, Indian exports to the UAE totalled US$ 31.6 billion, while total bilateral trade was US$ 84.8 billion.
Mr. Piyush Goyal further stated that the two nations are aiming for non-oil trade of US$ 100 billion by 2030 in light of the significant oil imports from the UAE. The two countries will be setting up new committees to look at the expansion of services trade, customs facilitation, investment, rules of origin, tariff rate quota, etc.
According to the minister, the Abu Dhabi Investment Authority would also soon open a branch in Gujarat's GIFT City with a focus on resolving difficulties and promoting investments in India.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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