The United Arab Emirates and India have inked a currency swap agreement, in a landmark move that allows rupee and dirham for businesses instead of dollar. With nearly $50 billion bilateral trade, the two countries are one of the largest trade partners and have made robust investments bilaterally. The agreement was inked during India's External Affairs Minister Sushma Swaraj's two-day visit. The minister chaired the 12th session of the UAE-India Joint Commission Meeting with Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan held at the ministry's headquarters in Abu Dhabi.
Both leaders agreed to boost cooperation in trade, security and defence. They 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 and the bilateral ties are based on mutual respect and trust, which are aimed at enhancing mutual benefit of the people. Swaraj congratulated the leadership, government, and the people of the UAE on the occasion of the celebration of the National Day.
The ministers also oversaw memorandums of understandings signed for development of cooperation in Africa between both the ministries and the currency swap agreement inked between the Central Bank on UAE and the Reserve Bank in India. Deputy Governor of the Central Bank of UAE Mohammed Ali bin Zayed Al Falasi, and Navdeep Singh Suri, UAE Ambassador to India, signed the agreement.
Also, Mohamed Sharaf, Assistant Minister for Economic and Commercial Affairs at the UAE Ministry of Foreign Affairs and International Cooperation, and TS Tirumurti, Secretary for Economic Affairs at the Indian Ministry of External Affairs, led the Senior Officials Meeting that saw a series of discussions held under eight subcommittees. Topics of discussion included bilateral matters, consular field, space, education, agriculture, and livestock and development cooperation, civil aviation, and economic and trade, investments, banking and finance cooperation.
