India, UAE sign agreement on currency swap

The 12th session of the India-UAE Joint Commission Meeting (JCM) for Economic and Technical Cooperation was held on December 3-4, 2018 in Abu Dhabi, the United Arab Emirates.

The Indian delegation was led by Indian External Affairs Minister Sushma Swaraj. During the visit, Swaraj held long discussions with her counterpart Abdullah bin Zayed to step up bilateral cooperation in areas such as security, defense, counter-terrorism, investments, space, trade, and energy.

Key Highlights

1. During the India-UAE JCM, India and the United Arab Emirates signed two agreements, one pact on currency swap and a MoU for development cooperation in Africa.
2. The agreement on currency swap between the countries will allow trading in their own currency and payments to import and export trade at a pre-determined exchange rate without bringing in a third benchmark currency like the US dollars.
3. The second Memorandum of Understanding would enable both nations to undertake development projects in Africa.
4. Besides, the leaders of the two nations discussed several areas of mutual interests including defense, security, counter-terrorism, trade, economic, energy, science and technology, and civil aviation.
5. The leaders also identified several new areas of cooperation and following the conclusion of the JCM, the leaders signed and adopted the agreed minutes of the meeting.

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