India and UAE boost partnership by integrating financial systems and increasing trade

India's Ambassador to the UAE, Sunjay Sudhir, has said that India and the UAE are successfully developing a strong partnership in all spheres, especially in the economy and people-to-people relations.

The Ambassador highlighted the close integration of financial systems, including the launch of the United Payments Interface (UPI) in the UAE, the Rupee-Dirham Local Currency Trade Settlement Mechanism, and the integration of India’s Rupay Card payment system with the Jaywan system in the UAE.

He stressed that the UAE, being a global leader in logistics and supply chain, will gain further importance with the opening of Bharat Mart in Dubai, a centre for Indian exports worldwide. He also highlighted the benefits of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which has already boosted bilateral trade. This is reported by Emirates News Agency (WAM), a partner of TV BRICS.

"The benefits of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) are already manifesting in the form of surging bilateral trade," India's Ambassador said.

India is the 5th largest economy in the world and is on track to become the 4th largest by the end of 2025. The Indian startup ecosystem is also witnessing rapid growth, ranking as the 3rd largest unicorn in the world.

"There is clearly a reason globally that the largest number of Indian nationals, over 3.5 million, have made the UAE their home. I am sure, they will continue to build bridges, foster understanding, and contribute to the growth and prosperity of both India and the UAE," the Ambassador concluded.

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