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Davos 2023: UAE, India in early talks to settle non-oil trade in rupees

Thani Al-Zeyoudi, the UAE's minister of state for foreign trade said other countries, including China, had also raised the issue of settling non-oil trade payments in local currencies

Oil trade

Photo: Bloomberg

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. 

The minister’s statement echoes that of neighboring Saudi Arabia. Earlier this week,

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First Published: Jan 20 2023 | 7:16 PM IST

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