Russia said OK..!? india will make a deal with UAE..?

Although india has become an exporting country, it still imports more. Due to the fact that most of these imports are paid in dollars or euros, there is a big hole in the value of the rupee. To fix this, india has already made a plan with russia to exchange money in the local currency, and now india is trying to include the United Arab Emirates. india, which has already struck a deal with russia in the form of crude oil, is currently negotiating with the United Arab Emirates, which wants more change.
The central banks of india and the uae are consulting on promoting bilateral trade in rupees and dirhams as india aims to reduce its transaction costs and reduce its heavy use of foreign currencies, top officials said. He said that india has shared the concept paper with the United Arab Emirates. Through this, the Central Banks of both countries will discuss standard operating procedures and methods, said Sunjay Sudhir.Payments for India's imports in rupees can reduce the cost of currency transactions. It is on this basis that the concept paper is currently being shared. india and the uae had already signed a Free Trade Agreement (FTA) in february to boost trade and economic ties. Through this free trade agreement, both countries will have improved market access and can export and import at reduced tariffs. The agreement was signed with the aim of providing significant benefits to the companies and trade organizations of india and the UAE. Through this free trade agreement, trade between the two countries is expected to increase from the current 60 billion US dollars to 100 billion dollars in the next five years.
 Exports were valued at $16.7 billion and imports at $26.7 billion in 2020-21. This was USD 59.11 billion in 2019-20.Both countries will benefit greatly if this $40-60 billion trade is done through Rupee-Dirham instead of USD. And the trade between the two countries will touch 100 billion dollars in the next 5 years which will give an additional benefit.

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