Gandhinagar: India is eyeing it after UAE seal An agreement for bilateral trade in domestic currency, real-time card recognition and digital payments, a move that will boost the use of is i and similar equipment.
The issue came up for discussion during Finance Minister Nirmala Sitharaman’s meeting with her Indonesian counterpart Shri Mulyani Indravati The two countries announced the launch of an ‘Economic and Financial Dialogue’ focused on strengthening trade and investment ties. The Indonesian FM said the two countries would discuss the possibility of cooperation in digital technology, payment systems under central banks and using more local currency.
An Indian official later said that the currency arrangement would be similar to that of the United Arab Emirates, and that Indian exporters could settle their trade in Indonesian rupees, while those exporting palm oil could earn in Indian rupees. Indonesia ASEAN is India’s largest trading partner in the region and one of the largest economies in Asia.
With bilateral trade last year at around $39 billion, it was India’s sixth largest trading partner and enjoyed a trade surplus of $19 billion due to large shipments of palm oil and petroleum. Refined petroleum products were the biggest export item of India.
The Indian official said that there is considerable interest in India’s digital public infrastructure from several countries and after Singapore, the United Arab Emirates and France, Indonesia could be among the countries that “could take a brick from India”.
After her meeting with the Indonesian FM, Sitharaman said: “Areas of cooperation include bilateral investment, financial services and infrastructure development. For example, India has developed expertise in digital public infrastructure. It can provide a time-tested solution for convenient and affordable digital payments, which can help Indonesia achieve its financial inclusion goals.
The issue came up for discussion during Finance Minister Nirmala Sitharaman’s meeting with her Indonesian counterpart Shri Mulyani Indravati The two countries announced the launch of an ‘Economic and Financial Dialogue’ focused on strengthening trade and investment ties. The Indonesian FM said the two countries would discuss the possibility of cooperation in digital technology, payment systems under central banks and using more local currency.
An Indian official later said that the currency arrangement would be similar to that of the United Arab Emirates, and that Indian exporters could settle their trade in Indonesian rupees, while those exporting palm oil could earn in Indian rupees. Indonesia ASEAN is India’s largest trading partner in the region and one of the largest economies in Asia.
With bilateral trade last year at around $39 billion, it was India’s sixth largest trading partner and enjoyed a trade surplus of $19 billion due to large shipments of palm oil and petroleum. Refined petroleum products were the biggest export item of India.
The Indian official said that there is considerable interest in India’s digital public infrastructure from several countries and after Singapore, the United Arab Emirates and France, Indonesia could be among the countries that “could take a brick from India”.
After her meeting with the Indonesian FM, Sitharaman said: “Areas of cooperation include bilateral investment, financial services and infrastructure development. For example, India has developed expertise in digital public infrastructure. It can provide a time-tested solution for convenient and affordable digital payments, which can help Indonesia achieve its financial inclusion goals.