Piyush Goyal: India-UAE local currency trade share crosses double digits as bilateral commerce nears pre-war levels

Key facts

• India-UAE trade settled in local currencies (rupees and dirhams) has entered double digits, per Commerce and Industry Minister Piyush Goyal, with bilateral trade expected to return to pre-war levels in coming months.
• The local-currency settlement mechanism allows Indian exporters to receive payments in rupees and UAE exporters in dirhams, with periodic conversion into dollars if required.
• India's merchandise exports rose more than 15% in the first six months of the financial year to September 21.
• Piyush Goyal will visit the US from September 29 to October 5 to attend the G20 trade ministers' meeting and hold talks with USTR Jamieson Greer on the proposed India-US Bilateral Trade Agreement, aiming to finalise an interim deal in line with the joint statement of February 7, 2026.
• Goyal made the remarks in Mumbai after a meeting of the India-UAE High Level Joint Task Force on Investments.