FM Arun Jaitley vows to enhance bilateral ties with Saudi Arabia to newer horizons

NewsBharati    20-Feb-2018
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Riyadh, February 20: While chairing the 12th India-Saudi Arabia Joint Commission Meeting (JCM) on Monday in Riyadh, Finance Minister Arun Jaitley reiterated to enhance bilateral ties with Saudi Arabia to newer horizons.

 

Notably, Finance Minister Arun Jaitley was on a two-day official visit to Saudi Arabia to discuss the bilateral issues, strengthening ties and chair the 12th India-Saudi Arabia Joint Commission Meeting. The Saudi side was headed by Minister of Commerce and Investment Dr. Majed Al Qasabi.


On this occasion, Minister Arun Jaitley said Saudi Arabia was a key partner for India in the long run, adding that the two countries could explore ties in various sectors. Arun Jaitley also underlined that India has core competence in Pharmaceuticals, Healthcare, IT, Tourism, Hospitality, Automobiles sectors etc.


Importantly, the JCM concluded with the signing and exchange of minutes focusing on Trade and Commerce, Security, Agriculture, Information and Media, Health, Vocational Training and Education, Culture and Community Welfare. The two countries further agreed to constitute a Joint Working Group on the trade and investment issues.


During the two-day high voltage visit, Finance Minister Arun Jaitley met King Salman bin Abdulaziz Al Saud in the Royal Court and discussed ways of further strengthening and diversifying bilateral cooperation in the fields of mutual interest.


FM Arun Jaitley also held bilateral meetings with the Saudi Minister for Finance Mohammad H. E AlJada'an, Minister for Energy, Industry and Mineral Resources H. E Eng. Khaled Al Falih and Deputy Minister for Foreign Trade Abdurrahman Al Harbi and held detailed discussions on furtherance of bilateral cooperation in diverse fields in line with the Saudi Vision 2030.


BACKGROUND:

Since the 1990s, India's economic liberalization has helped bolster trade with Saudi Arabia, which annually supplies to India nearly 175 million barrels of crude oil or a quarter of its needs. In 2006–07 bilateral trade stood at USD 16 billion (USD 3 billion excluding oil) and is expected to double by 2010.

India's current exports to Saudi Arabia stand at USD 2.6 billion, while Saudi Arabia's exports are in the range of USD 13.4 billion. India's major exports include basmati rice, textiles and garments and machinery, while it imports organic and inorganic chemicals, metal scrap, leather, gold and oil from Saudi Arabia.