UAE-India sign pact on Dirham-Rupee swap

By Eudore R. Chand

Mohamed bin Zayed receives India’s Sushma Swaraj

ABU DHABI 5 December 2018: His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received on Tuesday, Sushma Swaraj, Minister of External Affairs of India, at the Beach Palace in Abu Dhabi.

His Highness and Minister Swaraj reviewed the distinguished ties between the two countries, and discussed opportunities to further enhance bilateral cooperation in diplomatic arenas and trade and investment sectors. The two sides also exchanged views on regional and international developments, as well as issues of mutual concern, said Wam.

Rupee-Dirham Swap

Earlier, an agreement on India Rupee/UAE Dirham Currency Swap between the UAE Central Bank and the Indian Reserve Bank was also exchanged in the presence of the two Foreign Ministers by Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank of UAE and Navdeep Singh Suri, Ambassador of the Republic of India to the UAE.

A currency swap, also known as a cross-currency swap, is an off-balance sheet transaction in which two parties exchange principal and interest in different currencies. The parties involved in currency swaps are generally financial institutions that either act on their own or as an agent for a non-financial corporation, according to Investopedia.

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Earlier, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Sushma Swaraj, External Affairs Minister of the Republic of India co-chaired the Ministerial Meeting of the 12th session of the UAE-India Joint Commission Meeting, JCM, held on 3rd and 4th December, 2018 at the Ministry’s Headquarters in Abu Dhabi.

Historic Ties

While welcoming the Indian delegation, Sheikh Abdullah bin Zayed emphasised that the UAE has always shared strong historic ties with India. He noted that the relations between the two countries are based on mutual respect, trust and aimed at enhancing the mutual benefit of the people of the two friendly countries.

Sushma Swaraj congratulated the leadership, government and the people of the UAE on the occasion of the celebration of the 47th National Day of the nation and expressed satisfaction at the pace of growth in bilateral relations in all areas of cooperation. She thanked the UAE Government for the warm hospitality extended to her and her delegation.

Both sides reviewed the entire scope of bilateral ties and took stock of the developments in the region. They underscored the importance of sharing views on regional and international development. Both sides further strengthened their resolve to combat extremism and terrorism in all its forms, regardless of the perpetrators and their intent.

Both the Foreign Ministers thanked the members of the Senior Officials Meeting (SOM), for their efforts in doing the preparatory groundwork for holding a successful JCM. The SOM was led by Mohamed Sharaf, Assistant Minister for Economic and Commercial Affairs at the UAE Ministry of Foreign Affairs and International Cooperation, and T.S. Tirumurti, Secretary for Economic Relations at the Ministry of External Affairs, India. The discussions at SOM were held under eight subcommittees -bilateral matters, consular field, space, education, agriculture & livestock and development cooperation, civil aviation, and economic and trade, investments, banking & finance cooperation.

At the conclusion of the meeting, the two Foreign Ministers signed the Minutes of the 12th session of the UAE-India Joint Commission Meeting. They also witnessed the signing of a Memorandum of Understanding for Development Cooperation in Africa between the Ministry of Foreign Affairs and International Cooperation of the United Arab Emirates and the Ministry of External Affairs of the Republic of India. The MoU was signed by Sultan Mohammed Al Shamsi Assistant Minister for International Development at the UAE Ministry of Foreign Affairs and International Cooperation, and T. S. Tirumurti, Secretary for Economic Affairs at the Indian Ministry of External Affairs.

Zayed-Gandhi Exhibition

On the sidelines of the JCM, Sheikh Abdullah bin Zayed and Sushma Swaraj attended the unveiling of the plans for the Zayed-Gandhi Digital Exhibition accompanied by Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development, at Manarat Al Saadiyat, Abu Dhabi.

Scheduled to open its doors to the public in March 2019, the exhibition is organised by the Ministry of Culture and Knowledge Development in cooperation with the Mahatma Gandhi Digital Museums and is the first joint digital between the UAE and India.

Sheikh Abdullah bin Zayed said that the Zayed-Gandhi Digital Exhibition would contribute to conveying the philosophy of the two world leaders to the future generations, enabling them to learn about their lives, achievements and deeds.

Swaraj noted, “The enunciation of peace, tolerance and sustainable living by Mahatma Gandhi, our beloved Bapu and the UAE’s Founder Sheikh Zayed lovingly called Baba Zayed, has been portrayed beautifully at the Gandhi Zayed Digital Exhibition. Both leaders with their love for humanity and indomitable spirit continue to inspire us. I am delighted to jointly attend the launch of this Exhibition with Sheikh Abdulla bin Zayed Al Nahyan today, as we celebrate the 150th birth anniversary of Mahatma Gandhi and 100th year of Sheikh Zayed.”

“The exhibition is designed in a way that goes beyond the concept of a traditional exhibition. It is a cultural forum that promotes cultural exchanges and dialogue among peoples and takes visitors on a journey entitled Love, the Nation, and Wise Leadership, through the values of Peace, Tolerance and Fraternity,” said Noura Al Kaabi. She stressed that the exhibition is an opportunity to meet two exceptional leaders on the centenary of the birth of Sheikh Zayed bin Sultan Al Nahyan, the Founding Father of the UAE, and the 150th anniversary of the birth of Mahatma Gandhi, through interactive content, photographs and videos representing their lives, which stand testimony to their achievements.



Dubai Gazette