India-UAE trade in local currencies hits double digits
In short
Commerce and Industry Minister Piyush Goyal said on Monday that India-UAE trade settled in rupees and dirhams has reached double digits. He also said trade between the two countries is nearing pre-war levels and should keep improving in the coming months.
This matters because more local-currency trade can reduce currency risk for businesses. The report does not give the exact amount or say when trade will fully recover.
What the reporting says
Trade between India and the UAE settled in rupees and dirhams has reached double digits, Commerce and Industry Minister Piyush Goyal said Monday, according to an Economic Times summary. He said bilateral trade is nearing pre-war levels and should recover further in coming months, as businesses see benefits from local-currency settlement amid geopolitical disruptions. The report does not give the exact trade figure or a timeline for full recovery.
Why it matters
An Economic Times summary says Commerce and Industry Minister Piyush Goyal said India-UAE trade settled in rupees and dirhams has reached double digits. He added that bilateral trade is nearing pre-war levels and should recover in coming months as businesses recognize the benefits of local-currency settlement amid geopolitical disruptions. The report does not provide the precise trade value or an exact recovery schedule.