Davos 2023: UAE, India in early talks to settle non-oil trade in rupees

Davos 2023: UAE, India in early talks to settle non-oil trade in rupees

Davos: The United Arab Emirates and India are discussing ways to boost non-oil trade in rupees as the Gulf country looks to strengthen ties with a major trade partner and boost its economy. “We are still in early-stage discussions with India on this dirham-rupee trade,” Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, said during a Bloomberg TV interview in Davos, Switzerland, on Friday. “This is only going to be focusing on non-oil trade.” Oil trade in the Indian currency is “not under consideration,” he said. The minister’s statement echoes that of neighboring Saudi Arabia. Earlier this week, Saudi Finance Minister Mohammed Al Jadaan said the kingdom is open to discussions about trade in currencies other than the US dollar. The UAE has been seeking to step up trade with crucial partners and last year signed multiple economic pacts with countries including India, Indonesia, Turkey, Israel and Ukraine. In the coming months, the UAE expects to finalize similar agreements with Cambodia and Georgia, Al Zeyoudi said. India was the UAE’s second-largest trade partner in 2021, with bilateral trade of nearly $64 billion, according to data compiled by Bloomberg. One area UAE is looking to expand is cryptocurrencies,