Business News : After Russia, now preparing for business in rupees from UAE, will be able to pay through UPI

After the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, there is a rapid increase in trade between the two countries. This is the reason that both the countries have now agreed to use rupee and dirham instead of the currency of the third country in trade. Accounts have also been opened in the banks of both the countries for trade with Russia in rupees. India's Ambassador to the United Arab Emirates (UAE) Sanjay Sudhir told that with the consent of both the countries, a joint meeting was held in September for trade in rupee and dirham. After that a concept paper has been prepared and now the central banks of both the countries are talking among themselves in this direction.

According to the ministry, trade with the UAE is increasing every month in the current financial year 2022-23 after the signing of the SIPA between the two countries. During June to October last year, India exported USD 11.27 billion to UAE, which increased to USD 12.67 billion this year. This condition is when India's exports are decreasing globally. Due to reduction in duty, India has gained Rs 1235 crore in exports to UAE from May to October this year. In the month of last October, India saved duty of Rs 520 crore under this item.

According to the Ministry of Commerce and Industry, the cost will come down once mutual trade in the currency of both the countries starts. According to sources, UAE is also showing great interest in India's Unified Payments Interface (UPI) system. If consent is made, payments can be made through the UPI system in the UAE as well.

Ambassador of India posted in UAE said that we are also encouraging our states to increase business with UAE. States like Haryana, Uttar Pradesh, Gujarat, Kerala and Andhra Pradesh have shown interest in this. In the middle of next month, Uttar Pradesh will hold an exhibition of its main products in the UAE and hold meetings with major investors to attract investments from the UAE to the state.