Saudi Arabia's finance minister on January 17 said that the kingdom is open to discussions about trade in currencies other than the US dollar.
“There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Mohammed Al-Jadaan told Bloomberg TV on Tuesday in an interview in the ongoing World Economic Forum 2023 at Davos.
The FM's statement holds significance in the light of India-UAE ties too as both countries have earlier discussed the possibility of starting a rupee-riyal trade as part of efforts to boost economic ties. India and the UAE had already signed a free trade agreement (FTA) in February 2022 to give a fillip to bilateral trade and economic ties.
India, Asia's third-largest economy, has put in place a mechanism to settle international trade transactions in Indian rupees with an emphasis on exports to boost global trade and respond to growing interest in the use of the rupee for trading purposes.