India, UAE signed deal on currency swap | Current Affairs, Current Affairs 2018

India, UAE signed deal on currency swap

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India and the UAE has signed two agreements, including one on currency swap.

Deal was signed after External Affairs Minister Sushma Swaraj held exhaustive discussions with her counterpart Abdullah bin Zayed Al Nahyan to step up cooperation in areas like trade, security and defence.

Ms. Swaraj, who arrived here on Monday on a two-day visit, was received by the Foreign Minister of the UAE ahead of the UAE-India Joint Commission Meeting.

“Advancing the Comprehensive Strategic Partnership…EAM @SushmaSwaraj & Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan co-chaired 12th India-UAE #JCM. Held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence & consular, among others,” External Affairs Ministry spokesperson Raveesh Kumar tweeted.

This is the 12th session of the India-UAE Joint Commission Meeting for Economic and Technical Cooperation.

“Institutional mechanisms guiding the multifaceted cooperation…Two documents signed during the visit of EAM @SushmaSwaraj to #UAE : Agreement on Currency Swap and MoU for Development Cooperation in Africa,” Mr. Kumar tweeted.

Currency Swap is such a pact between two countries that allows trading in their own currency and payments to import and export trade at pre-determined exchange rate without bringing in a third benchmark currency like the US dollars.

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