New Delhi: After Iran and several other countries, including Russia, Now, the New Delhi government could start trade with UAE in Rupee and Riyal. The Commerce Ministry on Monday said, “India and Saudi Arabia have held discussions on the feasibility of institutionalizing Rupee-Riyal trade, and introduction of UPI and Rupay cards in the kingdom,”
According to Commerce and Industry Minister Piyush Goyal, These issues, among others, were discussed during the visit to Riyadh during September 18-19.
According to the media report, the Reserve Bank of India decided to allow trade with Iran in Rupees in July this year, and Iran, in June applied to join the so-called BRICS alliance of Brazil, Russia, India, China, and South Africa.
Goyal and Saudi Minister for Energy Prince Abdulaziz bin Salman Al-Saud co-chaired the ministerial meeting of the Committee on Economy and Investments of the council.
“Diversification and expansion of trade and commerce, removal of trade barriers… automatic registration and marketing authorization of Indian pharma products in Saudi Arabia, the feasibility of institutionalizing Rupee-Riyal trade, the introduction of UPI and Rupay cards in Saudi Arabia; were amongst the key points of discussion,” it said.
During a CEO Roundtable with businessmen in Saudi Arabia, talks focused on increasing exports from India, and facilitating inward investments into India, it added.
(Vinayak)
