India signed an agreement with the UAE that allows for trade transactions to be settled in rupees instead of dollars, enhancing India's efforts to reduce transaction costs by eliminating the need for U.S. currency conversions. During Indian Prime Minister Narendra Modi's visit to the UAE, the two countries also agreed to establish a real-time payment link to facilitate cross-border money transfers.
"I always enjoy meeting His Highness Sheikh Mohammed bin Zayed Al Nahyan. His energy and vision for development are remarkable. We discussed the full scope of India-UAE relations, including ways to enhance cultural and economic ties," Modi tweeted.
UAE President Mohammed bin Zayed Al Nahyan expressed satisfaction in meeting his friend Narendra Modi in Abu Dhabi, stating, "We discussed strengthening the distinguished historical relations between the UAE and India and ways to achieve ambitious strategic and developmental partnership goals for the benefit of our peoples, cooperating to support peace, stability, and prosperity in the region and the world."
A statement from the Reserve Bank of India noted that the agreements will facilitate "seamless cross-border transactions and enhance further economic cooperation."
