Abu Dhabi, Sept. 18 -- The Ministry of Commerce and Industry said that the Central Banks of India and the UAE are advancing strategic initiatives to enable bilateral trade in local currencies, integrate payment systems, and cooperate on Central Bank Digital Currencies.

This decision was made during the latest meeting of the India-UAE High Level Joint Task Force on Investments ("Joint Task Force") in Abu Dhabi on Thursday, which was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority ("ADIA"), and Union Minister Piyush Goyal.

"Ongoing strategic initiatives between the Central Banks of India and the UAE to enable bilateral trade in local currencies, the integration of payment systems in ...