Last Updated on: 25th June 2023, 11:55 am
Oil Trading in Indian Rupees is Off The Radar, Says UAE Minister
UAE Foreign Trade Minister Thani Al Zeyoudi has announced that preliminary dialogue is ongoing with India to start non-oil dirham and rupee trade.
He made the announcement during an interview with Bloomberg following the World Economic Forum’s meeting on “Cooperation in a Fragmented World,” which took place on January 16-20, 2023.
Although the UAE was investigating non-oil trade in dirham rupees, Minister Thani dismissed allegations of oil trading in Indian rupees, saying the idea had not even been considered.
Surprisingly, Minister Thani’s announcement coincides with Saudi Arabia. Earlier on, Saudi Arabia’s Finance Minister Mohammed Al Jadaan also said the kingdom was considering adopting currencies other than the US dollar for trade.
The Emirates is constantly working to boost its trade. Over the past year, it has signed several economic agreements with India, Indonesia, Turkey, Israel, Ukraine, and others. In addition, according to Minister Thani, it should sign similar agreements with Georgia and Cambodia.
According to Bloomberg statistics, India remained the UAE’s second-largest trading partner in 2021 with a trade value of around US$64 billion.
Furthermore, Minister Thani suggested that the UAE could use cryptocurrencies for their exchanges in the near future.
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