Which countries have signed an agreement to settle bilateral trade in local currencies?

India and United Arab Emirates (UAE) on Saturday (15-July-2023) signed agreements for the use of local currencies for bilateral trade and to set up a real-time payment link to facilitate easier cross-border money transfers.

The agreement will allow India to settle trade in rupees instead of dollars, boosting New Delhi’s efforts to cut transaction costs by eliminating dollar conversions.

The development came during a visit by India's Prime Minister Narendra Modi to the UAE wherein the two countries also agreed to set up a real-time payment link to facilitate easier cross-border money transfers.