Insta
A Challenger To Petrodollar Emerges? ‘More Oil To Be Traded In Rupees’ As India And UAE Sign Currency Swap Deal
Swarajya Staff
Dec 05, 2018, 12:42 PM | Updated 12:42 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In a bid for development, India and UAE signed an agreement for currency swap, as External Affairs Minister Sushma Swaraj and UAE counterpart Abdullah bin Zayed look to collaborate in areas such as trade, energy, counter-terrorism, security and defence, as reported by New Indian Express.
Currency Swap is an agreement between two countries which allows them to trade in their own currencies for import and export at predetermined exchange rates. It is done without a third currency like the US dollar.
A second deal was signed to develop projects in Africa.
Swaraj, went to the UAE on Monday for two days for the twelfth UAE-India Joint Commission Meeting involving economic and technical relations.
External Affairs Ministry spokesperson Raveesh Kumar tweeted, “Held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence & consular, among others."
After the joint meeting, Swaraj and Abdullah jointly inaugurated an interactive museum displaying works of Mahatma Gandhi and founder of modern UAE Shaik Zayed. The museum is a symbol of peace tolerance and sustainability, and is part of the celebration of the 150th birth anniversary of Mahatma Gandhi and 100th birth anniversary of Shaik Zayed.
Bapu in Abu Dhabi
— Raveesh Kumar (@MEAIndia) December 4, 2018
EAM @SushmaSwaraj offers floral tribute at the bust of #MahatmaGandhi at India Social & Cultural Centre, ahead of the Indian community event in #AbuDhabi. pic.twitter.com/8INPLtLlvF
UAE is the sixth largest supplier of oil to India. The two countries are one of the largest trade partners with $50 billion bilateral trade. Swaraj, also met and interacted with the Indian community in UAE, which is largest Indian population outside India with 33 lakh people.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.