Team Blitz India
NEW DELHI: India and the UAE are looking to identify and incorporate commodities to diversify trade between the two countries, said its ambassador to India Abdulnasser Jamal Alshaali in a recent interview to the Mint newspaper.
In an email interview to the newspaper, the ambassador also said that India, Europe, and the Middle East MoU for the India-Middle East-Europe Economic Corridor (IMEC) could potentially reduce shipping costs and facilitate efficient trade in goods and services.
“The diversification of traded commodities can broaden the scope of economic cooperation and make local currency transactions even more versatile,” Abdulnasser added.
The increasing trend of local currency trade between India and the UAE has the potential to usher in a new era of trade ties between the two nations, he told the Mint.
This development signifies a commitment to strengthening economic cooperation and reducing reliance on foreign currencies, which can streamline the trade processes and reduce transaction costs, the newspaper quoted him.
