UAE, India reach agreement on overseas money transfers

The United Arab Emirates (UAE) and India have signed an agreement on using the dirham and rupee in overseas money transfers. The news on the UAE-based English-language website "The National" reported that the Central Bank governors signed an agreement in the presence of UAE President Mohammed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi. Accordingly, a "Local Currency Usage System" will be established and the Indian rupee and UAE dirham will be able to be used in mutual money transfers. The news stated, "The agreement covers the transfer of all existing accounts and permitted capital transfers." The news reported that the Comprehensive Economic Partnership Agreement was signed between the two countries last year, and that the customs duties of the two countries were reduced with this agreement. It was stated that in line with the work carried out by the joint committee established within the scope of the agreement, the target for the non-oil trade agreement is to reach 100 billion dollars by 2030. Indian Prime Minister Modi met with President Al Nahyan in the UAE today, where he came for official talks.