Business council says agreements on local currency settlements and digital payments could deepen trade, investment and financial ties between the UAE and India
Dubai: Dr Sahitya Chaturvedi, Secretary-General of the Indian Business and Professional Council (IBPC) Dubai, said bilateral discussions held on the sidelines of the 18th BRICS Summit in New Delhi signal growing alignment between the UAE’s economic vision and India’s long-term development agenda.
Chaturvedi said the discussions between His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Indian Prime Minister Narendra Modi have created fresh momentum for deeper economic and development cooperation between the two countries.
According to Chaturvedi, the talks covering defence, artificial intelligence, space, critical minerals and the Comprehensive Economic Partnership Agreement (CEPA) provide a framework for expanding collaboration within BRICS.
He said one of the summit’s most significant outcomes was the progress made on the INR-AED local currency settlement mechanism and the UPI-Aani digital payments linkage.
Chaturvedi described the initiatives as potentially transformative, noting that together they could create a seamless financial and digital corridor for more than four million Indians living in the UAE and support more than 85,000 Indian businesses operating in Dubai.
“This is financial pragmatism, not de-dollarisation,” Chaturvedi said.
He added that the mechanisms help address exchange-rate volatility, reduce trade barriers and support greater financial inclusion while creating new opportunities for businesses operating between the two countries.
“For Indian businesses in Dubai, the task now is to use it,” he said.
Source: Emirates 24|7