India, UAE decide to settle trade in rupees

India and the UAE have signed agreements on trade settlement in national currencies and establishing a real-time link for cross-border transactions. The agreements aim to enhance economic collaboration and simplify international financial interactions between the two countries. The UAE is India’s fourth largest supplier of crude oil and the second largest provider of LPG and LNG. The use of local currencies will reduce transaction costs and settlement time, including for remittances by Indians in the UAE. The two countries also aim to increase non-petroleum trade to $100 billion by 2030.