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DIPP upbeat over India, UAE currency swap deal

ANI  |  New Delhi [India] 

(DIPP) under Union is upbeat over the signing of a deal between and the UAE. "The deal will further give a boost to bilateral trade between two countries," said DIPP officials.

"The idea, first mooted by Union of Commerce and Industry Suresh Prabhu, was discussed at length during the sixth meeting of UAE-high-level Joint held in on October 15," they said on Wednesday.

"The was in constant touch with his UAE counterpart and also with other stakeholders in order to pursue the matter. Our consistent efforts paid off in culminating in the agreement that was signed between and UAE," DIPP officials added.

Elaborating further, the officials said the impact of the measures taken by the has resulted in record foreign direct investment (FDI) inflows of over USD 61.9 billion in 2018 and an impressive jump of 53 places in the World Bank's Ease of Doing rankings in the last two years.

"We have also established a special UAE desk in Invest India, the of India, in order to facilitate investments and resolve issues relating to UAE investments in India," they said.

"We have also discussed a number of potential investment projects in different sectors in India like highways, infrastructure corridor projects, Sagar Mala projects, and new green-field airports, agro-exports potential, and food processing," the officials further said.

It is worth mentioning that during Sushma Swaraj's visit to the Gulf nation earlier this week, the agreement on between the and the was exchanged and signed.

The currency swap deal allows the two countries trading in their own currency and payments to import and export trade at pre-determined exchange rate without bringing in a third benchmark currency like US dollar.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 18:02 IST