Davos 2023: UAE, India in early talks to settle non-oil trade in rupees
The United Arab Emirates and India are discussing ways to boost non-oil trade in rupees as the Gulf country looks to strengthen ties with a major trade partner and boost its economy.
“We are still in early-stage discussions with India on this dirham-rupee trade,” Thani Al-Zeyoudi, the UAE’s minister of state for foreign trade, said during a Bloomberg TV interview in Davos, Switzerland, on Friday. “This is only going to be focusing on non-oil trade.”
Oil trade in the Indian currency is “not under consideration,” he said.
