PM Modi in UAE: In a joint statement issued after the bilateral meeting between Prime Minister Narendra Modi and the President of the United Arab Emirates, it has been said that India and the United Arab Emirates should do business in local currencies.
After his bilateral talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan, Prime Minister Narendra Modi said that India and UAE have agreed to launch a trade agreement in local currencies.
PM Modi Is In UAE
PM Modi is visiting UAE today to strengthen multi-faceted bilateral relations, and PM Modi arrived in Abu Dhabi today after visiting France. Prime Minister Modi said after the meeting with the President of UAE, “We are taking new initiatives to strengthen our partnership”.
PM Modi said today’s agreement on trade settlement in the two countries’ currencies reflects our solid economic cooperation and trust.
At the same time, regarding PM Modi’s visit, the Indian Ministry of External Affairs said that “the comprehensive strategic partnership between India and the UAE continues to strengthen and the Prime Minister’s visit will focus on areas such as energy, education, healthcare, food security, fintech, defence and culture. There is an opportunity to identify ways to take this forward in different areas.”
Prime Minister Narendra Modi expressed India’s deep respect for the UAE during his talks with President Sheikh Mohamed bin Zayed Al Nahyan. Prime Minister Modi said, “Our bilateral trade has increased by 20 per cent. We have achieved $85 billion trade and will soon achieve the target of $100 billion.”
#WATCH | “Our bilateral trade has grown by 20%. For the first time, we have achieved $85 billion trade and soon we will achieve the target of $100 billion. If we decide, we can cross this milestone before the G20,” says PM Modi, in Abu Dhabi pic.twitter.com/42O4RBpvk1
— ANI (@ANI) July 15, 2023
Prime Minister Modi acknowledged the respect and warmth of the UAE President, describing it as akin to the affection shared between brothers. He said, “We (India-UAE) signed historic agreements within three months, which would not have been possible without your cooperation and commitment.”
Let us tell you that the commencement of trade in local currencies between India and the United Arab Emirates is a big blow to the US currency dollar, while the most significant advantage between India and the UAE is that the effect of fluctuations in the price of the dollar There will be no trade between the two countries. There will be no difference in the cost of the goods.