(MENAFN- Khaleej Times) The UAE and India have reached a historic agreement which will enable businesses on both sides to bypass the US dollar or any other foreign currency and trade directly in UAE dirham and the Indian rupee.
"There are two agreements that have been finalised. One is a currency swap agreement between India and UAE. Under this, businesses from the two sides will be able to trade directly in rupees and in dirhams and not have to go through US dollars which means that there is a saving for business community. It makes trade between the two countries more competitive," India's Ambassador to the UAE Navdeep Suri said in New Delhi.
The second agreement is "between the Financial Intelligence Units which commits both countries to work more closely in preventing money laundering", the ambassador said.
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