New Delhi, September 11
Prime Minister Narendra Modi and Crown Prince & PM of Saudi Arabia Mohammed bin Salman discussed wide-ranging issues to strengthen bilateral ties including expediting a free trade agreement (FTA) between India and the Gulf Cooperation Council (GCC) and exploring trading in local currencies, according to the Ministry of External Affairs.
The two leaders also talked about increased cooperation in energy, defence, security, education, technology, space and transportation and signed eight agreements in areas including energy, digitalisation, electronic manufacturing, vigilance, national archives, investments, export-import banks and banks for small and medium enterprises.
Strategic partners
“Saudi Arabia is one of India’s most important strategic partners. As two large and fast-growing economies, our mutual cooperation is important for peace and stability in the entire region. In our talks, we have identified several initiatives to take our partnership to the next level,” Modi said in his opening remarks at the first meeting of the India-Saudi Arabia Strategic Partnership Council in New Delhi on Monday.
Both sides expressed satisfaction at the volume of bilateral trade, India being the second largest trading partner of Saudi Arabia and Saudi Arabia the fourth largest of India, said Ausaf Sayeed, MEA Secretary (CPV & OIA) at a media briefing on Monday.
“The two leaders agreed to expedite India GCC FTA negotiations, which they felt would act as a catalyst for further strengthening cooperation between two sides,” he said.
The GCC, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, is India’s largest trading partner bloc and member countries meet a substantial portion of India’s energy demand.
In November last year, Commerce and Industry Minister Piyush Goyal and Secretary General, of Gulf Cooperation Council (GCC), Nayef Falah M. Al-Hajraf announced their intent to pursue negotiations on the India-GCC FTA.
The two leaders also discussed cooperation in the fintech field and agree to explore trading in local currencies, the Secretary said. Discussions on grids for power, gas, water, water and optical fibre network also took place.
Other sectors
PM Modi also laid emphasis on certain other sectors for cooperation. such as critical mineral and food security, creation of food park, which is of Saudi interest, and possible setting up of a start-up bridge.
On the India-Middle East-Europe Economic Corridor announced at the recent G20 Summit, the PM said that it will not only connect the two countries but also help in providing economic growth, and digital connectivity between Asia, West Asia and Europe.
The Saudi Arabia PM is on a State visit to India after attending the G20 Summit in New Delhi over the weekend.
Prime Minister Narendra Modi and Crown Prince & PM of Saudi Arabia Mohammed bin Salman discussed bilateral cooperation in wide-ranging issues such as energy security, trade & investment, defence security, healthcare, food security, culture and community welfare in their meeting in New Delhi on Monday, per the MEA.