{"id":1553,"date":"2023-01-20T19:20:00","date_gmt":"2023-01-20T13:50:00","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=1553"},"modified":"2023-04-20T20:33:23","modified_gmt":"2023-04-20T15:03:23","slug":"uae-india-trade","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/","title":{"rendered":"UAE India Trade discussing settling non-oil trade in Rupees"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#UAE_India_Trade_discussing_settling_non-oil_trade_in_Rupees\" >UAE India Trade discussing settling non-oil trade in Rupees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Why_this_News_is_important\" >Why this News is important<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Historical_context\" >Historical context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Key_Takeaways_from_%E2%80%9CUAE_and_India_discussing_settling_non-oil_Trade_in_Rupees%E2%80%9D\" >Key Takeaways from &#8220;UAE and India discussing settling non-oil Trade in Rupees&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Important_FAQs_for_Students_from_this_News\" >Important FAQs for Students from this News<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Q_What_is_the_current_bilateral_trade_between_India_and_UAE\" >Q. What is the current bilateral trade between India and UAE?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Q_What_is_the_significance_of_settling_non-oil_trade_in_rupees\" >Q. What is the significance of settling non-oil trade in rupees?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Q_What_is_the_historical_context_of_India-UAE_trade_relations\" >Q. What is the historical context of India-UAE trade relations?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/international\/uae-india-trade\/#Some_Important_Current_Affairs_Links\" >Some Important Current Affairs Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UAE_India_Trade_discussing_settling_non-oil_trade_in_Rupees\"><\/span>UAE India Trade discussing settling non-oil trade in Rupees<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The United Arab Emirates (UAE) and India are in talks to settle non-oil trade in Indian rupees. The discussions were held during a meeting between India&#8217;s Commerce and Industry Minister and the UAE&#8217;s Minister of Economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The two countries also discussed increasing their bilateral trade and investment ties, as well as cooperation in the energy sector. The UAE is India&#8217;s third-largest trade partner and one of its major sources of oil.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\" id=\"UAE-India-Trade\"><img decoding=\"async\" width=\"800\" height=\"450\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/UAE-India-Trade.webp\" alt=\"UAE India Trade\" class=\"wp-image-1573\" title=\"UAE India Trade\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/UAE-India-Trade.webp 800w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/UAE-India-Trade-300x169.webp 300w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/UAE-India-Trade-768x432.webp 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">UAE India Trade<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_this_News_is_important\"><\/span>Why this News is important<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The news that India and the UAE are discussing settling non-oil trade in rupees is significant for several reasons.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Firstly, it reflects the growing economic ties between the two countries. The UAE has become an important trade and investment partner for India, with bilateral trade between the two countries reaching $59 billion in 2020-21. By settling non-oil trade in rupees, India can reduce its dependence on the US dollar and strengthen its economic relationship with the UAE.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Secondly, the move could help India to reduce its current account deficit. India imports a significant amount of oil from the UAE, and settling non-oil trade in rupees could help to offset some of the outflows of foreign currency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thirdly, the move could have wider implications for India&#8217;s trade relationships with other countries. If India is successful in settling non-oil trade in rupees with the UAE, it could encourage other countries to follow suit. This would help to reduce India&#8217;s dependence on the US dollar and strengthen its economic ties with other countries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Historical_context\"><\/span>Historical context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">India and the UAE have a long-standing relationship, with ties dating back to the 1950s. Over the years, the two countries have strengthened their trade and investment ties, with the UAE becoming India&#8217;s third-largest trade partner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In recent years, the UAE has emerged as a major source of oil for India. In 2020-21, India imported 73.3 million tonnes of crude oil from the UAE, making it the country&#8217;s second-largest supplier after Iraq.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways_from_%E2%80%9CUAE_and_India_discussing_settling_non-oil_Trade_in_Rupees%E2%80%9D\"><\/span>Key Takeaways from &#8220;UAE and India discussing settling non-oil Trade in Rupees&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><strong>Serial No.<\/strong><\/th><th><strong>Key Takeaways<\/strong><\/th><\/tr><\/thead><tbody><tr><td>1.<\/td><td>The UAE and India are in talks to settle non-oil trade in Indian rupees.<\/td><\/tr><tr><td>2.<\/td><td>The move could help India to reduce its dependence on the US dollar and strengthen its economic relationship with the UAE.<\/td><\/tr><tr><td>3.<\/td><td>India and the UAE have a long-standing relationship, with ties dating back to the 1950s.<\/td><\/tr><tr><td>4.<\/td><td>The UAE is India&#8217;s third-largest trade partner and one of its major sources of oil.<\/td><\/tr><tr><td>5.<\/td><td>Settling non-oil trade in rupees could help India to reduce its current account deficit.<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">UAE India Trade<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In conclusion, the news that India and the UAE are discussing settling non-oil trade in rupees is an important development that could have significant implications for India&#8217;s economy and its trade relationships with other countries. By reducing its dependence on the US dollar and strengthening its economic ties with the UAE, India could enhance its position as a major player in the global economy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_FAQs_for_Students_from_this_News\"><\/span>Important FAQs for Students from this News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_current_bilateral_trade_between_India_and_UAE\"><\/span>Q. What is the current bilateral trade between India and UAE? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A. The bilateral trade between India and UAE was $59 billion in 2020-21.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_significance_of_settling_non-oil_trade_in_rupees\"><\/span>Q. What is the significance of settling non-oil trade in rupees? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A. Settling non-oil trade in rupees can help India reduce its dependence on the US dollar and strengthen its economic relationship with the UAE.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_historical_context_of_India-UAE_trade_relations\"><\/span>Q. What is the historical context of India-UAE trade relations? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A. India and the UAE have a long-standing relationship, with ties dating back to the 1950s. In recent years, the UAE has emerged as a major source of oil for India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Current_Affairs_Links\"><\/span>Some Important Current Affairs Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/national\/\" target=\"_blank\" rel=\"noreferrer noopener\">State Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/sports\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sports Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline 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The discussions were held during a meeting between India&#8217;s Commerce and Industry Minister and the UAE&#8217;s Minister of Economy. The two countries also discussed increasing their bilateral trade and&#8230;<\/p>\n","protected":false},"author":3,"featured_media":1574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,153],"tags":[1092,1093,1096,1094,1095],"class_list":["post-1553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-miscellaneous","tag-bilateral-trade","tag-economic-cooperation","tag-india-uae-trade","tag-indian-rupee","tag-non-oil-trade"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/1553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=1553"}],"version-history":[{"count":0,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/1553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/1574"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=1553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=1553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=1553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}