UAE President and PM Modi discuss trade settlement in local currencies, India News reports.

NEW DELHI: Prime Minister Narendra Modi on Saturday hailed India’s growing business ties with UAE and said that the two nations have agreed to settle trade in local currencies.

Prime Minister Narendra Modi has praised the growing business ties between India and the United Arab Emirates (UAE), stating that the two nations have agreed to settle trade in local currencies. PM Modi made these remarks following comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, aimed at further deepening the multi-faceted bilateral ties. The agreement to use local currency for trade settlement is expected to boost bilateral trade and investments between India and the UAE.

PM Modi also highlighted that trade between India and the UAE has witnessed a 20% increase since the signing of the Comprehensive Economic Partnership Agreement last year. The agreement signed on Saturday further demonstrates the strong economic cooperation and mutual trust between the two nations. PM Modi expressed his gratitude towards Sheikh Mohamed bin Zayed Al Nahyan, stating that he has always received the love of a brother from the UAE President. He also acknowledged the UAE President’s leadership in preparing for the COP-28 conference, which PM Modi has confirmed his participation in later this year.

Following their talks, Sheikh Mohamed bin Zayed Al Nahyan hosted PM Modi for an all-vegetarian banquet lunch, showcasing the warm hospitality of the UAE. Earlier in the day, PM Modi received a ceremonial welcome at the Qasr-Al-Watan, the presidential palace, where he was greeted with a warm embrace by the UAE President. The visit highlights the strong bilateral relations between India and the UAE, with both countries engaged across various sectors such as trade, investments, energy, food security, science and technology, education, fintech, defence, security, and robust people-to-people ties.

Overall, PM Modi’s visit to the UAE signifies the growing importance of the bilateral relationship between India and the UAE. The agreement to settle trade in local currencies will further enhance economic cooperation and strengthen the ties between the two nations.