{"id":90628,"date":"2026-06-17T00:00:00","date_gmt":"2026-06-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=90628"},"modified":"2026-06-17T09:55:32","modified_gmt":"2026-06-17T09:55:32","slug":"a-growing-share-of-india-uae-trade-bypasses-the-usd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/17\/a-growing-share-of-india-uae-trade-bypasses-the-usd\/","title":{"rendered":"A growing share of India-UAE trade bypasses the USD"},"content":{"rendered":"

More than 15% of bilateral trade between India and the UAE has successfully bypassed the USD and is invoiced in local currencies<\/strong> since the launch of the INR-AED settlement mechanism in July 2023, India’s Ambassador to the UAE Deepak Mittal told the Economic Times<\/a>.<\/p>\n

Focus on easing trade friction:<\/strong> The two nations are ramping up efforts to expand adoption of the system by onboarding more banks, simplifying procedures, and reducing paperwork for businesses engaged in cross-border trade — while authorities work with commercial banks and industry stakeholders to standardize processes and widen participation.<\/p>\n

To what end?<\/strong> While the system was introduced to cut reliance on the USD, the primary objective is said<\/a> to be lower transaction costs and improved trade efficiency rather than de-dollarization.<\/p>\n

Why it matters:<\/strong> The UAE is India’s third-largest trading partner, with bilateral trade exceeding USD 100 bn in each of the past two years. A lion’s share of transactions are still denominated in AED rather than INR, industry sources told the daily. Businesses have cited procedural delays and duplicate documentation as key hurdles — adoption is strictly confined to state-backed oil and precious metals transactions. Depreciation risk also remains a deterrent, particularly for commodity exporters with thin margins.<\/p>\n

IN CONTEXT-<\/strong> We previously broke down how economics might decide whether the INR becomes internationally accepted<\/a>. Local-currency trade is feasible only when counterparties trust the currency as a medium of exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

More than 15% of India-UAE trade is now settled in local currencies, with both governments working to expand adoption and reduce transaction friction across the corridor<\/p>\n","protected":false},"author":0,"featured_media":90629,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2480],"tags":[2862,2441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-india-uae-corridor","tag-trade","wpautop","entry"],"acf":{"full_issue_title":"A growing share of India-UAE trade bypasses the USD","teaser":"More than 15% of India-UAE trade is now settled in local currencies, with both governments working to expand adoption and reduce transaction friction across the corridor","mongo_id":"9067e698be8d5e5424e7de75","order":"4","related_issue":[90619],"story_type":"1"},"yoast_head":"\nA growing share of India-UAE trade bypasses the USD - 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