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Home Government and Policy India and UAE seal currency swap agreement during Sushma Swaraj's 2-day visit

India and UAE seal currency swap agreement during Sushma Swaraj’s 2-day visit

The two countries signed another deal, which would enable both India and UAE to undertake development projects in Africa.

In a landmark move, Union Minister for External Affairs Sushma Swaraj, in her two-day visit to Abu Dhabi, has inked a currency swap deal with the UAE, which allows the two countries to trade in their own currency.

Currency Swap‘ pact allows trading by the two countries in their own currency and payments to import and export trade at pre-determined exchange rate without bringing in a third benchmark currency like the US dollars.

Sushma Swaraj who was in UAE to co-chair the 12th session of the UAE-India Joint Commission Meeting with Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation held at ministry’s headquarters in Abu Dhabi, also held exhaustive discussions with her counterpart to step up cooperation in areas like trade, security and defence.

Both leaders agreed to boost cooperation in trade, security and defence. The leaders also decided to strengthen their resolve to combat extremism and terrorism in all its forms, regardless of the perpetrators and their intent.

Sheikh Abdullah said the UAE has always shared strong historical ties with India. He noted the bilateral relations are based on mutual respect, trust and aimed at enhancing the mutual benefit of the people.

The two countries signed another deal, which would enable both India and UAE to undertake development projects in Africa.

Ministry of External Affairs official spokesperson Raveesh Kumar also stated about the satisfactory pace of bilateral relations between the two nations,  ”

Later, while addressing members of the Indian community in Abu Dhabi, Swaraj hailed the contribution of the Indian emigrants in enhancing the bilateral relationship between both countries.

Swaraj in her two days visit also inaugurated the Gandhi-Zayed Digital Museum to commemorate the 100th birth anniversary of Shaikh Zayed, the founder of the modern UAE and 150th birth anniversary of Mahatma Gandhi.

The museum, which was announced during Shaikh Abdullah’s last visit to India in June, uses frontline technology to showcase rare photos, videos and objects representing life and works of both the leaders. It also reaffirms the historical ties between both the countries.

With nearly $50 billion bilateral trade, the two countries are one of the largest trade partners for each other and have made widespread investments. The UAE is the sixth-largest source of Indian oil imports and hosts a 3.3 million-strong Indian diaspora.

India and UAE have enjoyed strong bilateral lies after PM Narendra Modi assumed office. Crown Prince HH Sheikh Mohammad Bin Zayed was the chief guest for India’s Republic Day celebrations in 2017. Christian Michel, the wanted middleman in AugustaWestland scam was extradited to India from Dubai last night, a feat that many are speculating the result of healthy bilateral ties maintained between the two nations.

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Staff reporter at OpIndia

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