According to UAE Ambassador to India Abdulnasser Al-Shahri, India and the UAE are discussing the use of the rupee settlement mechanism for trade.
After the United States and China, the UAE is India’s third largest trading partner. In an interview with an Indian daily, Al-Shahri said that the GCC-India Free Trade Agreement (FTA), which is due to start negotiations next year, could include elements of the India-UAE FTA, adding that both countries said it was in negotiations for cooperation. About defense technology.
On the current state of relations between India and the United Arab Emirates, he said: The relationship is great, and visits like this create their own momentum. ”
Both sides agreed on a Comprehensive Economic Partnership Agreement (CEPA), established platforms such as I2U2 (Israel-India-US-UAE) and India also invited the UAE as an independent guest country to the G20 for the second year in a row. bottom. he added.
India promotes rupee settlement between New Delhi and Abu Dhabi. However, the Ambassador said he was referring to a standard currency swap settlement between the two countries where we used our respective local currencies.
On including Gulf Cooperation Council (GCC) countries in UAE-CEPA, he said: GCC FTA. As we are deeply embedded in the GCC market, the GCC-India FTA will complement the CEPA we already have and allow for more favorable and open competition between and within the GCC countries. ”
India and the UAE are also collaborating in defense, with a high-level Indian delegation visiting the UAE a few months ago, according to Ambassador Al-Shari.
From our side, a representative from the Ministry of Defense was present and someone from the agency that oversees our defense industry was present and they met with their counterparts in India. discussions are still in the early stages, he added.
He acknowledges that the defense market has yet to be fully tapped or explored.