Goyal promotes Rupay and direct trade between rupee and dirham
Commerce and Industry Minister Piyush Goyal has highlighted multifaceted nature of the India-UAE partnership, encompassing collaborations in space exploration, security, education, and climate action, adding that the two countries are working towards US$100 billion bilateral trade.
Addressing at the ‘UAE India Business Summit’ held at the 10th edition of Vibrant Gujarat Global Summit in Gandhinagar on 10 Jan 2024, Goyal said that both the countries are looking for newer propositions from industry and business to further enhance their partnership.
Bilateral trade has increased under the India UAE Comprehensive Economic Partnership Agreement (CEPA), said the Minister, also highlighting key collaborations such as the India-Middle East-Europe economic corridor and initiatives to promote Rupay and facilitate direct trade between rupee and dirham.
Delighted at the prospect of further strengthening bilateral relations, the Goyal emphasized the significance of the UAE India Business Summit, stressing that it serves as a platform to unlock the vast potential that the UAE-India partnership offers.
The Minister highlighted boundless possibilities in exploring new partnerships, identifying opportunities, and expanding cooperation in various sectors.
He envisioned the India-UAE partnership as a defining alliance of the 21st century, rooted in shared history and aspirations for mutual progress.
Goyal expressed his gratitude to the UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi; and Chairman and CEO of DP World Group, Sultan Ahmed bin Sulayem for their invaluable contributions to fostering the enduring friendship between India and the UAE.
He acknowledged their pivotal roles in bolstering the UAE-India business relationship across various sectors, notably mentioning the plan to establish a Bharat Park in the Jebel Ali Free Zone under Sultan Ahmed bin Sulayem’s guidance.
He expressed confidence that this initiative would open myriad opportunities for international trade between the two nations and beyond, significantly elevating India’s global visibility.
The Minister also highlighted the efforts of Vice Chairman of the Abu Dhabi Chamber of Commerce, Yousuf Ali Abdulqader, in fortifying bilateral ties, mentioning the significant investments being made in India’s growth story, such as the establishment of a shopping mall in Kashmir.
Drawing attention to the burgeoning defense, cultural, and economic relations between the nations, Goyal lauded the UAE’s political stability, business-friendly policies, and infrastructural advancements as conducive factors for mutual growth and prosperity. Fiinews.com
