1 hr ago
India and UAE Advance Local-Currency Trade and Payments
India and the United Arab Emirates want to make it easier to trade and invest with each other.
They agreed to work on using their own currencies for some trade payments.
They also want their payment and messaging systems to work more closely together.
The countries discussed central-bank digital currencies as well.
Officials said these steps could make trade faster, easier to access and more dependable.
They also discussed investments in areas such as energy, technology, space and food security.
India and the UAE explored improving air connections and developing an aviation and logistics hub in Dholera, Gujarat.
Their bilateral trade was reported at $101.25 billion in 2025-26.
India and the UAE agreed to advance local-currency trade settlement and integrated payment and messaging systems.
The agreement followed the 14th India-UAE High-Level Joint Task Force on Investments meeting in Mumbai.
The initiatives also include cooperation on central-bank digital currencies.
Potential investment areas include energy, logistics, infrastructure, technology, artificial intelligence, space, food security and startups.
Bilateral trade reached $101.25 billion in 2025-26, while non-oil trade totaled $76.2 billion the previous year.
- Who
- India and the United Arab Emirates, represented at the meeting by Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan.
- What
- The countries agreed to support timely implementation of local-currency trade settlement, integrated payment and messaging systems, and central-bank digital currencies.
- Where
- The meeting was held in Mumbai, India.
- When
- The agreement was announced Monday; the meeting was the 14th session of the joint task force.
- Why
- The initiatives are intended to make bilateral trade and investment more efficient, accessible and resilient.
Key facts
- Meeting
- 14th meeting of the India-UAE High-Level Joint Task Force on Investments
- Meeting location
- Mumbai
- Trade value
- Bilateral trade reached $101.25 billion in 2025-26
- Non-oil trade
- Non-oil trade totaled $76.2 billion in the previous year
- Payment initiatives
- Local-currency settlement, payment and messaging integration, and central-bank digital currencies
- Investment areas
- Energy, industry, logistics, infrastructure, technology, artificial intelligence, space, food security, agricultural innovation and startups
- Economic agreement
- The Comprehensive Economic Partnership Agreement was implemented in May 2022
Quotes
India’s Commerce and Industry Ministry
Indian government ministry that issued the statement
“These issues are important as they have the potential to make bilateral trade and investment more efficient, accessible and resilient.”
deccanchronicle.com
“The two sides agreed to take steps to work together to support their timely implementation.”
deccanchronicle.com
Sources
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