India and Saudi Arabia deepen trade ties at second economic committee meeting

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India and Saudi Arabia reinforced their trade and investment collaboration in the second Ministerial Meeting of the Economy and Investment Committee, a part of the Saudi-India Strategic Partnership Council (SPC). The meeting, held on Wednesday local time, was co-chaired by India's Union Minister of Commerce and Industry, Piyush Goyal, and Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman Al Saud.

According to ANI, the primary objective of the meeting was to evaluate the progress made under the SPC framework and identify future opportunities for cooperation that could benefit both nations. "Co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the Saudi-India Strategic Partnership Council (SPC)," Minister Goyal stated on social media, underscoring the significance of the ongoing partnership.

During the meeting, the leaders signed the official Minutes of the Ministerial Meeting, documenting the progress and formalising the developments achieved in enhancing trade and investment between the two countries. Both ministers acknowledged the positive outcomes of their collaboration but emphasised the need to sustain momentum to unlock the full potential of the partnership.

Key areas of mutual interest were identified, as the two countries pledged to explore sectors where cooperation could lead to tangible economic benefits. The discussions focused on fostering a sustainable and prosperous future, with each side reinforcing their commitment to work closely on areas that would strengthen economic ties.

In the discussions, Minister Goyal highlighted the SPC's achievements and noted that new areas for collaboration are emerging, promising deeper trade and investment relations. "We reviewed the progress made under the SPC and identified new areas of cooperation and opportunities to further deepen the trade and investment ties between our nations," he said.

After the main session, Minister Piyush Goyal also met with Saudi Arabia's Minister of Investment, H.E. Khalid Al-Falih. In this additional meeting, they discussed specific investment opportunities across critical sectors, including pharmaceuticals, automobiles, and petrochemicals. These sectors, deemed essential for both economies, are anticipated to benefit from increased trade and investment, especially given the growing global focus on diversifying supply chains.

Both sides reiterated the importance of regular bilateral engagements such as the SPC meetings, considering them vital to ensuring ongoing progress and stronger bonds. As per ANI, the SPC platform is expected to drive sustained economic growth for both nations through continuous collaboration.

The mutual goals of economic growth and resilience remain at the heart of the India-Saudi Arabia strategic partnership, and such discussions are seen as crucial steps toward achieving these objectives. With economic, trade, and investment ties deepening, both nations are optimistic about a prosperous future built on shared goals and collaboration.

(With inputs from ANI)