‘Currency Swap Pact Between India, UAE To Help Boost Trade’
Signing of currency swap agreement between India and the UAE will help boost trade and investments between the two countries, a commerce and industry ministry official said on Wednesday, 5 December.
The idea for the agreement was first mooted by Commerce and Industry Minister Suresh Prabhu and it was discussed at length in the sixth meeting of the UAE-India High Level Joint Task Force on Investments held in Mumbai in October this year.
The commerce ministry was continuously pursuing the matter with the UAE authorities.
The pact will further boost bilateral trade and investments between the countries, the official added.
The bilateral trade stood at USD 50 billion in 2017-18. India attracted USD one billion in FDI (foreign direct investment) during that fiscal.