Rupee trade talks with many countries in final stages, says Amit Shah
Rupee trade talks with many countries in final stages, says Amit Shah
Union Home Minister Amit Shah said India is in the final stages of negotiations with many countries to work out the modalities of settling trade in the rupee.
“Matters have been put on hold due to elections but we are in final stages of our negotiations with many countries. This will be a priority for us in days to come,” Shah said in an interview with The Economic Times.
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There are general elections underway in the country and voting will be done on June 4.
“Moving ahead, trade in Indian rupee will be the biggest way forward,” Shah said on the balance of payments with foreign countries where India is still in deficit.
“We may have deficit, but let’s say a country like Germany may have something which can be traded bilaterally in the euro and the rupee. The trade deficit may well be in international currency but a large amount of bilateral trade can shift to our own respective national currencies.”
India has been looking to encourage the use of the rupee to settle international trade transactions and is banking on local currency settlement pacts to push for greater acceptance of the Indian National Rupee.