IND-UAE Agree on Trade Settlement: Important agreement between ‘RBI’ and ‘Central Bank’ of UAE; UPI-IPP Linkingover Consent

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Pudhari Online Desk : Prime Minister Narendra Modi is on a one-day UAE tour. Meanwhile, he held extensive discussions with UAE President Sheikh Mohammed bin Zayed Al Nahyan to strengthen India-UAE bilateral relations. At this time both the countries have agreed to start the current trade agreement. After completing his two-day visit to France, Prime Minister Modi reached Abu Dhabi on Saturday morning. (IND-UAE Agreement on Trade Settlement)

India-UAE trade grew by 20 percent

After discussion with the UAE President, Prime Minister Modi said, India-UAE trade has increased by 20 percent since the signing of the Comprehensive Economic Partnership Agreement last year. Firstly, we have achieved a trade target of US$ 85 billion. Soon we will reach the target of 100 billion dollars. (IND-UAE Agreement on Trade Settlement)

‘OR’ Agreement will facilitate bilateral trade and investment

If we are determined, we can cross the halfway mark of the G20, said Prime Minister Modi. Strong economic co-operation and mutual trust between the two countries is reflected in the agreement signed on Saturday to break the currency trade between the two countries. Or the agreement will lead to bilateral trade and investment. (IND-UAE Agreement on Trade Settlement)

During his visit to UAE, Modi told Sheikh Mohammed bin Zayed Al Nahyan that you have a big contribution in the way the relations between our countries have expanded. Everyone in India should consider you a true friend. Modi said that preparations for the COP-28 to be held in the UAE have started under the leadership of the UAE President. They have decided to attend the year-end council.

2 important agreements between RBI and UAE Chi Central Bank

The agreement between the Reserve Bank of India and the Central Bank of the United Arab Emirates to harmonize the use of local currencies and the interrelation of their payment systems in the two countries on Saturday hit a snag. In the presence of Modi and UAE President Mohamed bin Zayed Al Nahyan in Abu Dhabi, both Kararanchi Devanghewan Jhali. (IND-UAE Agreement on Trade Settlement)

UPI-IPP linking and consent of both countries

Under the Payments and Messaging Systems Services Agreement, the central banks of the two countries agreed to cooperate to link Fast Payment Systems (FPS) – India’s UPI with the UAE’s Instant Payment Platform (IPP). This will link the respective card switches and the Indian payment messaging system to the messaging system in the UAE. (IND-UAE Agreement on Trade Settlement)

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