The United Arab Emirates is in early discussions with India to trade non-oil commodities in Indian rupees, Emirati Minister for Foreign Trade Dr Thani Al Zeyoudi said on Thursday.
The UAE signed a wide-ranging free trade agreement last year with India, which, along with China, is among the biggest trade partners for Gulf Arab oil and gas producers, most of whose currencies are pegged to the U.S. dollar.
The UAE's trade deal with India aims to increase bilateral non-oil trade to $100 billion in the next five years. "We have to be realistic, we are planning our budgets based on dollars so it is not an overnight movement," Al Zeyoudi said. "There is a discussion, not only with India, but we are managing it in a way that does not conflict with the overall interests of the nation."
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