New Delhi: Kenya has expressed a keen interest in engaging with India for trading in national currency, initiating discussions on this aspect and expressing a desire to understand Indias experiences, particularly in the realm of the Unified Payments Interface (UPI), revealed Dammu Ravi, Secretary (Economic Relations) at the Ministry of External Affairs.Exploring National Currency TradeMEA Secretary Dammu Ravi highlighted Kenyas enthusiasm for collaboration, stating that the Kenyan authorities have conveyed their interest in learning from Indias experiences. The focus is not only on national currencies but also on understanding Indias success in introducing UPI and fintech solutions.In the areas of direct and indirect tax, Kenya wishes to learn from India about UPI, fintech solutions, and the benefits of direct cash in improving governance efficiency, reducing corruption, and preventing leakages, stated Dammu Ravi during a press conference.Kenyan Presidents Visit and Broad InterestsRavi emphasised that Kenyan President William Samoei Rutos visit to India holds significance, marking his first meeting post the G20 Summit. This visit follows Rutos participation in the Voice of Global South event, where the Kenyan side expressed a keen interest in learning from India, especially in fintech and UPI.Moreover, in the health sector, Ravi stated, They have expressed interest in greater cooperation, particularly having Indian specialist doctors visiting Kenya. Simultaneously, they would like to facilitate longer stays for their specialist doctors and nurses in India to learn from us.Maritime Cooperation and Shared ConcernsResponding to a question on maritime cooperation between India and Kenya, Dammu Ravi highlighted shared concerns about piracy, ship movements, and the safety of navigation lines in the Indian Ocean. Ongoing maritime cooperation, including hydrographic surveys, reflects common interests between the two nations.Strengthening Indo-Kenyan TiesDuring a joint press briefing earlier in the day, both Prime Minister Modi and the Kenyan President addressed critical issues such as maritime security, piracy, and trafficking. PM Modi announced the issuance of a joint vision statement on maritime cooperation, reinforcing mutual collaboration in the Indo-Pacific region.In March, Indias Reserve Bank (RBI) approved 60 special rupee vostro accounts in 18 countries, facilitating international trade in Indian rupees. The move aimed to enhance trade partnerships and align with Indias commitment to the de-dollarisation process.The countries approved for trading in Indian rupees include Russia, Singapore, Sri Lanka, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Seychelles, Tanzania, Uganda, and the United Kingdom, showcasing significant progress in settling international trade in Indian rupees.The Special Rupee Vostro Account (SRVA) mechanism, initiated by the RBI, involves authorised banks in India opening and maintaining accounts for partner trading countries, facilitating trade settlements in Indian rupees and supporting investment in Indian government securities.Indias efforts to promote the use of INR for trade settlement gained momentum amid global geopolitical shifts, fostering partnerships with countries like Russia and Kenya to strengthen economic ties and explore innovative financial collaborations.
