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India-UAE may trade in national currencies

Most Indian companies have invested in real estate, manufacturing, wholesale and retail trade, transportation, logistics, construction, financial and insurance activities in the UAE

India's Commerce and Industry Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, member of the executive council of the Emirate of Abu Dhabi (Picture credit: Twitter/ @PiyushGoyal)

Bilateral trade between India and the UAE is poised to enter a new phase once national currencies are used. The matter is presently under active consideration and a mechanism is being worked out by both the countries in this regard.

The issue came up for discussion at the 10th meeting of the UAE-India high level joint task force on investments held recently in Mumbai. A mechanism is being created, an official statement said.

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