The two parties signed MoUs to build a framework to encourage the use of the rupee and the dirham for international trade and to connect their messaging and payment systems. The Instant Payment Platform in the UAE will now be connected to the UPI.
Source: English Jagran
The Local Currency Settlement System, on which the Reserve Bank of India and the Central Bank of the United Arab Emirates recently agreed, is in line with the goal of the Digital India initiative, which aims to improve and grow digital transactions.
The country’s economy has benefited from digitization in terms of efficiency and transparency, with the number of digital transactions rising from 127 billion in 2013u201314 to around 13,000 billion in 2022u201323.
It is encouraging to see that the largest economy that is expanding at the quickest rate in the world is partnering with wealthy nations like Singapore and the United Arab Emirates. The UAE is not far behind Singapore with a per capita income of about $41,000 and over $64,000 annually.
Source: Republic World
India’s principal geopolitical and economic ally is the United Arab Emirates. The Comprehensive Economic Partnership Agreement (CEPA)’s signing last year marked a significant improvement in bilateral commercial relations. The two countries decided to more than quadruple the trade in non-petroleum products to $100 billion by 2030 during the inaugural Joint Committee meeting of CEPA last month.
The push towards digital technology is anticipated to increase the flow of investments and remittances. If consistent efforts are made to optimise the UPI’s potential as a dependable payment option, this circumstance has the potential to be advantageous for New Delhi.
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