India, UAE inch closer to trade in local currencies
India and the UAE are moving closer to settling trade in rupees and dirhams when trading with each other.
This new local currency system was discussed at a recent high-level meeting in Abu Dhabi, co-chaired by India's Commerce Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan from the Abu Dhabi Investment Authority.
The goal? Make cross-border payments smoother and boost trade ties even further.
Non-oil trade between India and UAE
Non-oil trade between India and the UAE reached almost $38 billion in just the first half of 2025—a 34% jump from last year—marking significant progress toward the UAE's 2030 trade targets.
The two countries also talked about new projects like Bharat Mart (a hub for Indian exporters) and possible partnerships in maritime and space tech, showing they're keen to keep this momentum going.