Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Commerce, reported that early-stage talks are now taking place with India to begin dirham-rupee non-oil trade.
Following the World Economic Forum’s summit on “Cooperation in a Fragmented World,” which took place from January 16 to 20, 2023, he made this declaration in an interview with Bloomberg.
Minister Thani has refuted rumors of oil trade in Indian rupees, asserting that the notion isn’t even being examined, despite the UAE’s exploration of non-oil commerce in dirham-rupee.
Unexpectedly, Minister Thani’s statement supports Saudi Arabia. Mohammed Al Jadaan, the Saudi Arabian finance minister, previously said the country was thinking about using another currency for trade rather than the US dollar.
The Emirates is always trying to increase its trade. It struck a number of trade deals last year with countries like India, Indonesia, Turkey, Israel, Ukraine, and others. According to Minister Thani, similar agreements are also anticipated to be signed with Georgia and Cambodia.
According to Bloomberg figures, with a trading volume of almost $64 billion, India continued to be the UAE’s second-largest trading partner in 2021.
Additionally, Minister Thani made the suggestion that the UAE would soon start utilizing cryptocurrencies for its trade.