IBPC Dubai: BRICS Boosts UAE-India Ties

An article discussed the 18th BRICS summit held in New Delhi, which strengthened the economic convergence between the UAE and India through bilateral discussions and agreements aimed at enhancing financial and developmental cooperation. It emphasized the importance of settlement mechanisms using local currencies (the UAE dirham and the Indian rupee) and connecting payment systems such as UPI and-Anti, with the goal of facilitating cross-border payments and supporting more than 4 million Indians residing in the UAE and 85,000 Indian companies in Dubai. The summit also outlined India's efforts to bolster financial cooperation within the BRICS group, including linking digital currencies of central banks to accelerate and simplify international transactions, despite political and technical challenges. BRICS continues to seek ways to enhance economic collaboration among its member states.

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