| | SEPTEMBER 2023411th April 2016 was the day that ignited a spark in India's journey toward the digital economy. The union government introduced the Unified Payments Interface (UPI), an indigenous instant payment system. Today, we have successfully grown UPI beyond the country's borders, especially in Asia. India does more digital transactions today than that of the US, China, and Europe put together. The German Embassy in India recently hailed India's digital infrastructure, calling it one of the country's success stories. The high praise for India's digital payment model came after Germany's Federal Minister for Digital and Transport, Volker Wissing, used UPI to make payments in India and became extremely fascinated by his experience.Countries such as France, UAE, Saudi Arabia, Bahrain, Singapore, Maldives, Bhutan, and Oman have already embraced different forms of Indian payment systems. This implies that Indians can now make payments through UPI, etc., in these countries. UPI has vast potential to help India build strong bilateral economic and business partnerships with other countries. Currently, India is looking to seal a deal for bilateral trade in Indian currency, real-time card recognition, and digital payments with Indonesia, which will promote the use of UPI and similar tools. With bilateral trade of around $39 billion, Indonesia was India's sixth largest trading partner last year, thanks to large palm oil and petroleum shipments. The UPI agreement with Indonesia, one of the world's most populated countries, will open new avenues for bilateral trade between the two countries. This will significantly help Indian entrepreneurs looking to set up their shops in Indonesia.Sujith VasudevanManaging Editoreditor@ceoinsightsindia.comNew Horizons of Bilateral TradeEditorial Vol 04 · Issue 5 - 1 · SEPTEMBER, 2023 Publisher Alok Chaturvedi Managing Editor Sujith Vasudevan Senior Designer Girisha M Visualizers Asokan S. V. NoidaRohit Raghubanshi Garima Anandadvertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comAdvertising ManagersGarimaTo subscribeVisit https://www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comMagazine Price is Rs. 150 per issuePublisher Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of Info Connect Web Technolo-gies India Pvt. Ltd., and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2023 Info Connect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.VP - Sales & Marketing Amrit SinghCirculation Manager Magendran Perumal Editorial Hima P. M. Nalini Brahmanapalli Roopalatha H P Tejaswini
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