Foreign Trade In Indian Currency Soon, Says Commerce Minister Piyush Goyal

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Rajkot: Union Commerce & Industry Minister Piyush Goyal has expressed hope that traders will soon be able to settle foreign trade in Indian rupee currency.

A number of banks from different countries are in the process of opening special Vostro accounts with Indian banks.

Reserve Bank of India (RBI) has already approved 60 requests to open Special Rupee Vostro Accounts (SRVAs) of banks from 18 countries, including the UK, Singapore and New Zealand.

Goyal said RBI is in discussion with its counterparts in different nations.

“We will soon start seeing operationalisation of this rupee trading in international trade with several countries,” Goyal told newspersons on Saturday.

He informed that negotiations for free trade agreements (FTAs) with developed regions like the European Union, the UK and Canada are in an “advanced” stage.

Groups like European Free Trade Association Free Trade Agreement (EFTA), Gulf Cooperation Council (GCC) and Eurasian Economic Union (EAEU) are also keen on similar pacts with India.

“The whole world wants to have a comprehensive economic partnership agreement with India,” the minister said.