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India, UAE ink currency swap agreement during Sushma Swaraj’s Abu Dhabi visit

India and the UAE on Tuesday inked a deal on currency swap, which allows trading in their own currency, during Union Minister for External Affairs Sushma Swaraj’s two day visit to Abu Dhabi.

India, UAE ink currency swap agreement during Sushma Swaraj’s Abu Dhabi visit
Pic Courtesy: Twitter/SushmaSwaraj

India and the UAE on Tuesday inked a deal on currency swap, which allows trading in their own currency, during Union Minister for External Affairs Sushma Swaraj’s two day visit to Abu Dhabi.

Currency Swap pact allows trading by the two countries 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 two countries signed another deal, which would enable both India and UAE to undertake development projects in Africa.

The External Affairs Minister on Tuesday met Crown Prince of Abu Dhabi, HH Sheikh Mohammed bin Zayed Al Nahyan. According to Ministry of External Affairs official spokesperson Raveesh Kumar, both expressed “satisfaction at the pace of bilateral relations”.

“EAM @SushmaSwaraj called on Crown Prince of #AbuDhabi, HH Sheikh Mohammed bin Zayed Al Nahyan. Both expressed satisfaction at the pace of our bilateral relations in a range of areas, attesting to our comprehensive strategic partnership,” wrote Kumar on microblogging site Twitter.

Later, addressing members of Indian community in Abu Dhabi, Sushma Swaraj lauded the contributions of the expatriates in enhancing the bilateral relationship between India and the UAE.

“I appreciate your contribution in enhancing relations with UAE. UAE hosts a 3.3. million-strong Indian community – the largest number of Indians outside India,” said the Minister of External Affairs.