LAGATAR24 DESK
New Delhi, July 15: In a boost to bilateral trade and investments, Prime Minister Narendra Modi, who is in Abu Dhabi today holding talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan, announced that India and the United Arab Emirates have agreed to start trade settlement in local currencies, reports The Indian Express.
PM Modi said that he hopes that bilateral trade between the two countries goes past the $100 billion-mark soon, as it currently stands at $85 billion.
“The India-UAE comprehensive strategic partnership has been steadily strengthening and the Prime Minister’s visit will be an opportunity to identify ways to take this forward in various domains such as energy, education, healthcare, food security, fintech, defence and culture,” the Ministry of External Affairs (MEA) said. It will also be an opportunity to discuss cooperation on global issues, particularly in the context of the UAE’s Presidency of COP-28 and India’s G-20 Presidency in which the UAE is a “special invitee”, it added.
PM Modi is visiting UAE as he returns from France, where he held bilateral discussions with French President Emmanuel Macron.
India and the UAE on Saturday agreed to start trade settlement in their currencies and link the Indian Unified Payments Interface with the Gulf country’s Instant Payment Platform (IPP) as Prime Minister Narendra Modi held comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan here.
According to an official statement, the Reserve Bank of India and the Central Bank of the UAE signed two MoUs for – establishing a framework to promote the use of local currencies viz. the Indian rupee (INR) and the UAE Dirham (AED) for cross-border transactions; and for cooperation for interlinking their payment and messaging systems.
The MoU on establishing a framework for the use of local currencies for transactions between India and UAE, aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally. The MoU covers all current account transactions and permitted capital account transactions, the statement issued by the RBI said.
Creation of the LCSS would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market, it said and added that his arrangement would also promote investments and remittances between the two countries. The use of local currencies would optimise transaction costs and settlement time for transactions, including for remittances from Indians residing in UAE, the statement said.
UAE President hosts full vegetarian banquet for PM Modi
UAE President Sheikh Mohamed bin Zayed al Nahyan on Saturday served a full vegetarian meal at the banquet he hosted in honour of Prime Minister Narendra Modi.
The banquet, at the Qasr-al-Watan presidential palace here, began with harees (wheat) and dates salad served with local organic vegetables and followed by grilled vegetables in masala sauce as starters.
A selection of local seasonal fruits was served for desserts.
“All meals are vegetarian and prepared with vegetable oils, and contain no dairy or egg products,” read a note on the menu card for the banquet.
IIT Delhi to set up campus in Abu Dhabi
The Union Ministry of Education and Abu Dhabi’s Education and Knowledge Department (ADEK) on Saturday signed a memorandum of understanding (MoU) for setting up an IIT Delhi campus in the Gulf country.
Prime Minister Narendra Modi is currently on an official visit to the United Arab Emirates (UAE).
Indian Institute of Technology (IIT) Delhi is the second IIT to announce setting up an offshore campus after IIT Madras. Last week, IIT Madras signed an MoU for setting up a campus in Tanzania’s Zanzibar.
“MoU for establishment of @iitdelhi campus in Abu Dhabi in the presence of Hon. PM @narendramodiji unfolds a new chapter in internationalisation of India’s education,” Union Education Minister Dharmendra Pradhan tweeted.
While Master’s courses will be offered at the Abu Dhabi campus of IIT Delhi from January next year, Bachelor’s degree programmes will be offered from September 2024.
