Over 15% of India-UAE trade has been invoiced in local currencies since the rupee-dirham mechanism launched nearly three years ago. Both nations are now intensifying efforts to boost adoption, aiming for faster trade and cost reduction, despite industry-cited structural bottlenecks. Authorities are focusing on onboarding more banks and simplifying procedures to enhance cross-border transaction efficiency.
India and UAE are intensifying efforts to expand local currency trade, three years after the rupee-dirham mechanism began. Currently, over 15% of their bilateral trade is invoiced in local currencies. The goal is to achieve faster trade and reduce costs by onboarding more banks…
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