DUBAI, 1 March – The UAE and India are in technical discussions to finalise a rupee-dirham exchange rate for trade arrangement, UAE ambassador to India Abdulnasser Jamal Alshaali told Hindustan Times newspaper.
“The technical conversation is ongoing. There has been an agreement to settle a certain [amount] of trade between the two countries, just not having to go through a third currency,” he said, adding the two sides are working on a remittance facility to make it “more direct and easier”.
Alshaali noted that energy security is important for both countries with the UAE seeking to be part of India’s energy security.
“The fact that the strategic oil reserve has been agreed on and it’s been established and has been ongoing for quite some time, it is quite helpful and constructive, especially given the current state of affairs,” he added.
The ambassador said that India is a reliable partner for the UAE’s food security.
“Food security is important for us. We don’t produce that much food and we import a lot of it. And it’s quite vital for us that we have a partner that we can rely on, and India is a reliable partner when it comes to that,” Alshaali noted. — Zawya