India’s central bank moved towards internationalizing its local currency by allowing settlements of exports and imports in rupees at a time when several Asian economies, including Indonesia, the UAE, Sri Lanka, and Myanmar are in discussion with each other to settle trade in their domestic currencies. Meanwhile, the UAE will invest $2bln to set up food parks across India as part of the efforts by the ‘I2U2’ group, including the UAE, India, Israel and the US.