Even as the 13th Ministerial Conference of the World Trade Organisation (WTO) in Abu Dhabi discusses India's proposal to lower the cost of remittances, India is looking at alternative ways to streamline the inflow of remittances.
Indian Ambassador to the United Arab Emirates (UAE), Sunjay Sudhir, told CNBC-TV18 that the G-1 debit and credit card started by the Gulf nation is an example of India's financial technology style, terming the move as significant in view of a 3.5 million-strong Indian diaspora, which is the largest population of Indian nationals anywhere in the world.
India has also signed an agreement to connect Unified Payments Interface (UPI) with UAE's Instant Payment System Aani. Once connected, the system will allow seamless transfer of funds and remittances between India and the UAE.
The Ambassador said that the system will allow small payments across borders, similar to what UPI allows for within India, adding that UPI payments will enhance the ease of living for 3.5 million Indians in the UAE as well as for 4 million annual Indian visitors.
The UAE is India's 3rd largest trading partner and 2nd largest export destination, with bilateral trade crossing $85 billion last year. Pointing out that the UAE is the only country with which India has a Comprehensive Economic Partnership Agreement (CEPA) as well as a Bilateral Investment Treaty (BIT), the Ambassador highlighted that the importance of this multidimensional relationship is exemplified by the fact that Prime Minister Narendra Modi has visited the UAE 7 times in 10 years.
He expressed hope over deepening the connection between both the nations as the Indian diaspora has increased to 3.5 million from 2.2 million a decade back.
Describing the UAE as a symbol of harmony and tolerance, he pointed out that though the country already had many temples and gurudwaras before the BAPS Swaminarayan Temple, it is special because of its scale, size, and attraction for tourists, which can be termed an issue of pride for both India and the UAE.
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