New Delhi, Sept. 29 -- India and the UAE have agreed to accelerate work on local-currency settlement and integration of their payment and financial messaging systems to facilitate cross-border trade and investment.

The decision was taken at the 14th meeting of the India-UAE High Level Joint Task Force on Investments, co-chaired by Commerce and Industry Minister Piyush Goyal and Abu Dhabi Investment Authority Managing Director Sheikh Hamed bin Zayed Al Nahyan.

India, UAE Push Local-Currency Settlement

The two sides reviewed progress by their central banks on local-currency settlement, payment and messaging system integration, and central bank digital currencies. They agreed to support timely implementation of the initiatives, reported E...