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India, UAE sign currency swap deal; seek to forge partnership in new areas at JCM

Press Trust of India  |  Abu Dhabi 

and the UAE on Tuesday signed two agreements, including one on currency swap, as held exhaustive discussions with her counterpart Nahyan to step up cooperation in areas like trade, security and defence.

Swaraj, who arrived here on Monday on a two-day visit, was received by the of the UAE ahead of the Joint Commission Meeting.

"Advancing the ..EAM @SushmaSwaraj & Sheikh Nahyan co-chaired 12th India-UAE #JCM. Held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence & consular, among others," tweeted.

This is the 12th session of the Meeting for Economic and Technical Cooperation.

"Institutional mechanisms guiding the multifaceted cooperation...Two documents signed during the visit of EAM @SushmaSwaraj to #UAE : Agreement on Currency Swap and MoU for Development Cooperation in Africa," Kumar tweeted.

Currency Swap is such a pact between two countries that allows 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 dollars.

The second agreement would enable both sides to undertake development projects in

"Reinforcing the strong bonds of friendship...The ministers looked forward to continuing the trend to strengthen & seek partnership in new areas," Kumar tweeted.

"Following the Meeting, EAM @SushmaSwaraj and of UAE Sheikh Nahyan signed and adopted the Agreed Minutes of the #JCM," Kumar tweeted.

With nearly USD 50 billion bilateral trade, the two countries are one of the largest trade partners for each other and have made robust investments bilaterally. The UAE is the sixth-largest source of Indian and hosts a 3.3 million-strong Indian community.

Along with the UAE foreign minister, Swaraj would also inaugurate a Gandhi-in to mark the celebrations of 150 years of Mahatma Gandhi's birth and centenary celebrations of the birth of Sheikh Zayed, founder of the modern UAE.

She would also interact with the Indian community in

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

First Published: Tue, December 04 2018. 16:50 IST
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