India Ties up With UAE to Settle Trade in Rupees
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CallSignMaverick
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Russia has its own issues, they have a huge stockpile of Indian currency they have no idea how to use. It was expected since India-Russia trade isn't big, almost the only thing we trade is oil and India is the one that does the bulk of the trade by importing it. Russia rather finds Yuan a better option due to it offering a lot of things from China who's firms don't fear sanctions by the west.
While with UAE we have robust trade of goods and services which can be easily settled in own currencies.
And India is the biggest international market for Emaar it seems, they have a lot of projects, mostly in Gurugram and some in Indore, Mohali etc.
Hero786
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They worship money. Lol
Abdul Rehman Majeed
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India Ties up With UAE to Settle Trade in Rupees
View attachment 939085
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, meets Indian Prime Minister Narendra Modi during his official visit in Abu Dhabi, UAE, July 15, 2023.
By Arpan Chaturvedi
NEW DELHI (Reuters) - India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions.
During a visit by India's Prime Minister Narendra Modi to the UAE on Saturday, the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers.
The two agreements will enable "seamless cross-border transactions and payments, and foster greater economic cooperation", said a statement from the Reserve Bank of India on Saturday.
India, the world's third biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, currently pays for UAE oil in dollars.
Bilateral trade between the two countries was $84.5 billion in the year from April 2022 to March 2023.
An official with knowledge of the details of the agreement said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC), Reuters reported on Friday.
The Reserve Bank of India said the two central banks agreed to link India's Unified Payments Interface (UPI) and UAE's Instant Payment Platform (IPP).
Such arrangements, which are a growing trend in Asia, typically lower the cost of payments.
Modi landed in Abu Dhabi earlier on Saturday for a one-day visit and met President Sheikh Mohamed bin Zayed Al Nahyan.
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@Bilal9 Look Arab world is boycotting India.
It will be a repeat of Rupee-Ruble experiment.
Unlike China, India has nothing to export.
This is the reason why everyone is interested in trading in Chinese Yuan but not in Indian Rupees.
Exclusive: India, Russia suspend negotiations to settle trade in rupees
India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers, two Indian government officials and a source with direct knowledge of the matter said.
Hero786
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Russia is not a small kid, who do not know how to use Indian currency. lol
India has bigger population, bigger consumption of oil, so UAE wants bigger money, by exporting Oil.
But remember UAE will not trade in Indian currency.
If there was dollar, pound, euro. then possible.
You have to wait, then news will come UAE do not want Indian currency.
Indian currency is not strong as dollar, pound, euro.
This is Indian media who is under influence of Modi, who create hype.
Edevelop
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UAE has more Indians than native Arabs so no surprises there. Traditionally, our alliance has always been with more tribal, conservative, bigger and powerful Saudi Arabia.
Ok wait till Modi reaches Saudi.
Edevelop
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Not too long ago...
China and Saudi Arabia boycott G20 meeting held by India in Kashmir
Indian presidency of group becomes mired in controversy as tourism session hosted in disputed territory
Haha. I can wait. You'll see.Not too long ago...
China and Saudi Arabia boycott G20 meeting held by India in Kashmir
Indian presidency of group becomes mired in controversy as tourism session hosted in disputed territorywww.theguardian.com
Saudi delegation prepares for G20 Young Entrepreneurs Alliance Summit in India
RIYADH: Prince Fahad bin Mansour bin Nasser, founder and chairman of the board of directors of the Entrepreneurship Vision Association, and chairman of the Saudi G20 Young Entrepreneurship Alliance, will lead the Kingdom’s delegation at the G20 Young Entrepreneurs Alliance Summit that begins in...
www.arabnews.com
Hero786
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Saudi is same.
Saudi is not in love with Pakistan
They just want money..
They prefer their national interests.
UAE, US not in love with India
Every country has her own interests.
UAE, Saudi want money to sell Oil
US, Russia want money to sell weapon
US also want to use them against China as proxy.
It is Pakistan, who not prefer national interests, but politician their own interest, same with generals, same with public.
We are dragging religion in every mater, but not care national interests.
Israel is big example.
We are preferring Palestine, who are not beneficial for us,
on other hand, we can can learn and get more from Israel.
No country cares Ummah Chumma. but their own interests.
Not too long ago...
China and Saudi Arabia boycott G20 meeting held by India in Kashmir
Indian presidency of group becomes mired in controversy as tourism session hosted in disputed territory
But due to China influence.
Not due to Umma Chumma
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Edevelop
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Business doesn't change anything. Even we trade with countries who are not our strategic allies per say. As long as Pakistan has a security agreement with Saudis and presence of Pakistani troops and military bases, India can't do sh!t lol.Haha. I can wait. You'll see.
Saudi delegation prepares for G20 Young Entrepreneurs Alliance Summit in India
RIYADH: Prince Fahad bin Mansour bin Nasser, founder and chairman of the board of directors of the Entrepreneurship Vision Association, and chairman of the Saudi G20 Young Entrepreneurship Alliance, will lead the Kingdom’s delegation at the G20 Young Entrepreneurs Alliance Summit that begins in...
What do you mean? If they are trading, how are they boycotting India? Saudi will continue to improve trade with India, that's all we need from them. We don't give a dime what they think of us. You can continue to be their lap dog for all we care.
However, read.
‘Doval sahib, we love you’: At Delhi event with Saudi moderate, a packed hall, praise for India and NSA
Al-Issa came to the venue on NSA’s invite, said organisers, denying any link to UCC as speculated by sections of the media.
Edevelop
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India trades with China as well. Does that stop China from selling weapons to Pakistan?What do you mean? Saudi will continue to improve trade with India, that's all we need from them. We don't give a dime what they think of us. You can continue to be their lap dog for all we care.
However, read.
‘Doval sahib, we love you’: At Delhi event with Saudi moderate, a packed hall, praise for India and NSA
Al-Issa came to the venue on NSA’s invite, said organisers, denying any link to UCC as speculated by sections of the media.www.google.com
Obviously not. The premise was that Arab world is boycotting India by @Bilal9. You replied to that and yet suggest that Saudi's increasing trade with India is somehow boycotting India?
Hero786
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National Interests
money.
if arab will boycott, that due to China.
They may be want to sell more oil to China than India
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