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'Currency swap pact between India, UAE to help boost trade, investments'

Press Trust of India  |  New Delhi 

Signing of agreement between and the UAE will help in boosting trade and investments between the two countries, a said Wednesday.

With this arrangement, the two countries allow 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 the US dollar, the added.

The idea for the agreement was first mooted by and it was discussed at length in the sixth meeting of the UAE High Level Joint Task Force on Investments held in in October.

The commerce ministry was continuously pursuing the matter with the UAE authorities.

The ministry has also established a special UAE desk to facilitate investments and resolve issues relating to UAE Investments in

The pact will further boost bilateral trade and investments between the countries, the added.

The bilateral trade stood at USD 50 billion in 2017-18. India has attracted USD one billion in FDI (foreign direct investment) during that fiscal.

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

First Published: Wed, December 05 2018. 17:20 IST