ABU DHABI: India and the United Arab Emirates (UAE) on July 15 inked agreements to start trade settlement in their respective national currencies – Rupee and Dirham – as well as to link their fast payment systems to make international financial interactions simpler.
PM Modi’s meeting with the President Sheikh Mohamed bin Zayed Al Nahyan of the UAE saw the two sides signing another agreement for opening a campus of the Indian Institute of Technology Delhi (IIT-Delhi) in Abu Dhabi.
The two leaders adopted two joint statements, including one specifically focussing on cooperation on climate change. They underscored the urgent need for developed countries to fulfil the $100 billion delivery plan and highlighted the importance of the global stocktake of collective action to achieve the goals of the Paris Agreement.
PM Modi noted that India and the UAE trade witnessed a 20 per cent increase since the signing of the Comprehensive Economic Partnership Agreement last year. “For the first time, we have achieved $85 billion in trade and soon we will achieve the target of $100 billion.” he added.
