Correct option is B
The Correct Answer is: (b) UAE
Explanation:
In 2023, as part of the Rupee-Dirham trade agreement, India imported crude oil from the UAE, making payments in Indian Rupees (₹).
In 2023, as part of the Rupee-Dirham trade agreement, India imported crude oil from the UAE, making payments in Indian Rupees (₹).
This arrangement was part of India's broader strategy to use its local currency for international transactions, reducing dependency on foreign currencies like the US Dollar. This deal aims to enhance trade relations and facilitate easier transactions between the two countries.
Information Booster:
- The agreement promotes stronger economic and trade ties between India and the UAE, which is one of India’s key trading partners in the Gulf region.
- The UAE has been a significant exporter of crude oil to India, and this arrangement allows for smoother transactions and greater trade integration.
- India is working on similar trade agreements with other countries, such as Russia and Japan, to boost the use of its currency in global trade.
Additional Information:
- Russia – While India has increased oil imports from Russia, the Rupee-Ruble trade mechanism has been primarily used.
- Qatar – Qatar and India share significant energy ties, especially in the natural gas sector.
- Oman – Oman has strong economic relations with India, especially in the energy sector.
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100 Questions
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