Central banks of India and UAE working on proposal paper on promoting bilateral trade in rupee and dirham currencies . Aim of the exercise is to reduce the cost of transactions .
New Delhi (New York): According to India's Ambassador to the UAE, the central banks of both countries are working on a proposal paper on promoting bilateral trade in rupee and dirham currencies with the intention of lowering transaction costs, according to Sunjay Sudhir, the country's ambassador to the UAE.The aim of the exercise is to reduce the cost of transactions, he said.Bilateral trade between India and the UAE is expected to grow from $43.3 billion to USD 100 billion in In 2020-21, exports were worth $16.7 billion, while imports totaled $26.7 billion.In 2019-20, two-way trade was worth $59.11 billion (according to the EPA.