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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

Bloomberg

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Photo: Bloomberg

3 min read Last Updated : Jan 20 2023 | 10:55 PM IST

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, Saudi Finance Minister Mohammed Al-Jadaan said the kingdom is open to discussions about trade in currencies other than the US dollar.