India and the UAE have discussed developing a system for conducting bilateral trade in national currencies.
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The 10th meeting of the UAE-India High Level Joint Task Force on Investments, held in Mumbai, covered the topic.
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Sheikh Hamed bin Zayed Al Nahyan, a member of the Executive Council of the Emirate of Abu Dhabi, and Minister of Commerce and Industry Piyush Goyal served as co-chairs
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Both parties agreed to continue talking about the UPI as a single digital payments platform, the RBI and Central Bank of the United Arab Emirates said
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The establishment of a framework for conducting bilateral trade in national currencies was "an key issue considered," the statement continued.
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The discussions for the bilateral investment treaty between India and the UAE were also discussed by the two delegations.
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Both parties emphasised their resolve to quicken the process for an early conclusion of a fair and beneficial agreement, the statement read.
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Both sides highlighted that significant progress could have been gained from the outset of the negotiations," it stated
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The topic of boosting bilateral investments in important industries like manufacturing, infrastructure, energy, and technology was also discussed.
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It was decided that the relevant authorities in both countries will investigate the construction of effective and integrated Single Window Solutions and Virtual Trade Corridors