Abdulnasser Jamal Alshaali, the UAE ambassador to India, informed that technical discussions between the UAE and India are underway to establish a trade arrangement with a finalized rupee-dirham exchange rate.
According to him, the technical discussion is still in progress, but they have already agreed to conduct a specific amount of trade between the UAE and India without relying on a third currency. He further added that both sides are collaborating on a remittance facility to make the transaction process more straightforward and convenient.
The fact “He added that the strategic oil reserve, which has been established and operational for quite some time, is quite beneficial and constructive, particularly considering the current state of affairs”.
Dubai, UAE is already a popular destination for Indian businesses looking to expand their operations overseas. With a business-friendly environment, world-class infrastructure, and a strategic location at the crossroads of Europe, Asia, and Africa, Dubai has become a hub for international trade and commerce. Dubai has become a popular option for Indian entrepreneurs and businesses looking to tap into the Middle Eastern market.
According to the ambassador, the UAE considers India a dependable partner in terms of its food security.
Alshaali highlighted the significance of food security for the UAE, stating that the country doesn’t produce much food and relies heavily on imports. Therefore, having a dependable partner like India is critical for the UAE’s food security.
Conclusion
The rupee-dirham trade deal is a significant step towards strengthening the economic ties between India and UAE. It is expected to create new opportunities for businesses in both countries and drive economic growth in the region. With company formation in Dubai and company formation in India becoming easier, more businesses are likely to explore opportunities in these markets, further boosting trade between the two countries.
