India, UAE talk on trade ties, use of UPI for remittances | India News – Times of India


NEW DELHI: External affairs minister S Jaishankar and his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan held talks on issues related to food security, bilateral trade and investment, while also discussing the global situation, various “regional hotspots” and cooperation between the two countries in the UN security council.
Both ministers, according to the Indian government, noted that bilateral trade has shown appreciable growth under the CEPA agreement which came into force in May this year. India’s exports to UAE between April-September 2022 were about $ 16 billion, which was an increase of 24 per cent, while India’s imports increased 38% to reach $ 28.4 billion in the same time period.
“Both countries are discussing trade in rupees and dirhams. They are also discussing making use of UPI as a payment platform for remittances from the 3.5 million strong Indian community in the UAE,” said a source, adding investment worth more than $ 10 billion has come from the UAE.
UAE has been invited by India to attend the G20 summit next year as a special invitee.
In a tweet, Jaishankar said, “Just concluded comprehensive discussions with FM HH @ABZayed of UAE this afternoon. Appreciated the progress in our bilateral relationship, especially in trade, investment, consular matters, education and food security.”
“Exchanged views on the global situation and various regional hotspots. The rich conversation reflected the substance and closeness of our partnership,” he added.





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