The commerce ministry said on September 19 that India and Saudi Arabia had discussions about the feasibility of institutionalising Rupee-Riyal trade and introducing UPI and Rupay cards in the kingdom. These and other issues were discussed during Commerce and Industry Minister Piyush Goyal’s September 18-19 visit to Riyadh.
He attended the India-Saudi Arabia Strategic Partnership Council ministerial meeting. The ministerial meeting of the council’s Committee on Economy and Investments was co-chaired by Goyal and Saudi Minister for Energy Prince Abdulaziz bin Salman Al-Saud.
“Diversification and expansion of trade and commerce, removal of trade barriers… automatic registration and marketing authorization of Indian pharma products in Saudi Arabia, feasibility of institutionalizing Rupee-Riyal trade, introduction of UPI and Rupay cards in Saudi Arabia; were amongst the key points of discussion,” it said.
Goyal also discussed various issues with Prince Abdulaziz bin Salman Al Saud.
“Discussed how energy security with climate change sensitivity can deliver economic growth and prosperity,” the Indian minister has tweeted.
41 areas of cooperation
The ministerial meeting also approved the 41 areas of cooperation identified by technical teams in the four broad domains of agriculture and food security, energy, technology and information technology, and industry and infrastructure.
It also agreed to complete priority projects on time and to continue cooperation on joint projects such as the West Coast refinery, LNG infrastructure investment, and the development of strategic petroleum storage facilities in India.
It added that during a CEO Roundtable with businessmen in Saudi Arabia, discussions focused on increasing Indian exports and facilitating inward investments into India.
In a separate meeting, the minister discussed a wide range of issues, including institutional collaboration between the two countries’ EXIM banks, joint projects in third countries, mutual recognition of standards, and collaboration in infrastructure development.
