- The UAE and India are exploring ways to increase non-oil trade in Indian rupees, as the two countries strengthen their economic ties. This move is expected to bolster the relationship between the two countries, as India is the UAE's second-largest trading partner.
- This news comes as no surprise as the UAE has been increasing its economic relationship with key partners, leading to the signing of multiple agreements in 2020 with countries like India, Indonesia, Turkey, Israel and Ukraine. In the coming months, the UAE will sign more deals with Cambodia and Georgia.
- In an additional interview, the role of cryptocurrencies in commerce was discussed. The UAE aims to build the right global governance and legal system to regulate the domain. In particular, Dubai, has been making efforts to draw in major companies through its welcoming stance on digital currencies.
Why it matters
These economic agreements are set to boost the UAE’s gross domestic product by 3.4-3.8% by 2030.