India + UAE agree to boost non-USD trade + link payment systems: The central bank of the UAE (CBUAE) signed two MoUs with the Reserve Bank of India (RBI) to create a platform for strengthening bilateral trade and promoting the use of their national currencies in international transactions, Emirati news agency WAMreports. The signing ceremony was attended by UAE’s President Mohammed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi. The framework is set to streamline payment services in India and the UAE via their instant payment platforms (IPPs), local payment card, and financial messaging systems.The move follows previous talks by several countries, including India, to explore options for non-USD trade with other countries.

The first MoU includes measures to expedite trade in the two national currencies,outlines the types of eligible transactions, and promotes direct exchange rates between the two currencies. The agreement also supports the utilization of correspondent accounts and offers options for liquidity management.

The second MoU allows participants to make use of IPP services and local payment card schemes in both countries, and looks to develop financial messaging systems and explore potential connections between similar systems in the two countries. The agreement will also link the UAE and India’s IPPs, facilitating cross-border instant payments through UAESWITCH and RuPay Switch, permitting the use of local cards in both countries.

India and the GCC have resumed talks on a trade agreement, India’s External Affairs Ministry Secretary Ausaf Sayeed said last week during the India-Arab Partnership Conference, according to a Federation of Indian Chambers of Commerce and Industry statement. “We have exchanged preliminary documents, and the delegations have been meeting. We hope this will soon become a reality,” Sayeed said.

Libya + Italy are set to resume flights in September after a 10-year hiatus, Reutersreports, citing a Libyan government statement. The move was announced after technical teams from both sides discussed the results of a field visit to check safety measures at Libyan airports. The flights will be operated by one carrier from each country.

Saudi Arabia + Turkey to increasecooperation: Saudi Municipal and Rural Affairs Minister Majid bin Abdullah Al Hogail met with Turkish Trade Minister Omer Bolat to discuss strengthening cooperation, Saudi Press Agency reports. The meeting took place at the Saudi-Turkish Business Forum in Istanbul, which saw the signing of 16 cooperation agreements worth over SAR 2.3 bn.

ALSO WORTH KNOWING-

  • Qatari Transport Minister Jassim Al Sulaiti discussed strengthening transport cooperation with French counterpart Clément Beaune. (Statement)
  • Oman’s Transport, Communications, and Information Ministry has inked an MoU with Syria’s Transport Ministry to mutually acknowledge certificates of proficiency and eligibility for seafarers and strengthen trade ties. (Statement)
  • Iranian President Ebrahim RaisiandZimbabwean President Emmerson Mnangagwa signed 12 MoUs to boost bilateral cooperation in Harare last week. (Ashraq Al-Awsat)
  • Iran and China discussed enhancing trade in agricultural products during a meeting of theIran-China Joint Trade-Economic Commision. (Tasnim News Agency)
  • Egyptian Transport MinisterKamel Al Wazir met with the Czech Republic‘s Foreign Affairs Deputy Minister Jerry Kozak to discuss strengthening transportation cooperation and localizing manufacturing for the transport industry in Egypt. (Statement)
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