‘Bangladesh and Sri Lanka are interested to start rupee trade with India’ – Dainik Savera Times
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New Delhi. Many developed and developing countries, including Bangladesh, Sri Lanka and Gulf region countries, have expressed their desire to trade in rupees. Giving this information, Commerce and Industry Minister Piyush Goyal said that partnership with India will reduce transaction costs for business. He expressed confidence that this step is going to be a big change in the direction of India’s international trade. Bangladesh, Sri Lanka are already talking to us and they want us to start it immediately, he told PTI in an interview. Other countries in the Gulf region are also considering this. I think with time people will realize its benefits. Goyal said that developed countries and Far East countries are also joining this initiative.
Singapore is already involved to some extent. The minister said that gradually countries are realizing that there are many benefits of doing business in the domestic currency. Therefore many countries would now like to start direct transactions between their local currency and the rupee. Goyal said that it is gradually being understood that converting all transactions into third currency increases the cost significantly.
He said, we started from UAE. UAE was one of the first countries to accept it. Now it is gaining momentum. There are many countries who want us to start direct transactions in local currency and rupees. He said that this is a process which takes time. In this, the central banks of both the countries are involved in preparing a framework and then it is approved by the importer and exporter.
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