India and the United Arab Emirates have agreed to increase their bilateral trade to USD 100 billion by 2030, excluding petroleum products. The two countries are also discussing the possibility of conducting bilateral trade in local currencies under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). Union Commerce Minister, Piyush Goyal, stated that the Reserve Bank of India and UAE central bank are actively discussing rupee-dirham trade and the Finance Ministry supports the move. The two central banks are aiming to finalize an agreement on India-UAE bilateral trade in local currencies under CEPA.
India and UAE aim to boost non-oil trade to $100 billion by 2030 while conducting transactions in local currency
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