Global Economy

India, Saudi Arabia pledge to expand trade, defence ties



Prime Minister Narendra Modi and Saudi Arabian Crown Prince Mohammed bin Salman Al Saud on Monday discussed expanding bilateral trade and defence ties and described the partnership as important for peace and stability of the region. The leaders also co-chaired the first meeting of the India-Saudi Arabia Strategic Partnership Council (SPC).

At a joint press meet, Modi said Saudi Arabia was one of India’s most important strategic partners. “As two large and fast-growing economies of the world, 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. Today’s talks will provide new energy and direction to our relations. This will provide us inspiration to work together for the welfare of humanity,” he said.

Referring to the newly announced economic corridor connecting India with Europe via West Asia, Modi said, “This corridor will not only connect two countries but also help in providing economic growth, and digital connectivity between Asia and Europe.”

On Saturday, India and Saudi Arabia, along with the US, the European Union, the United Arab Emirates and others launched the initiative to link railways, ports, electricity and data networks and hydrogen pipelines.

Modi and Salman emphasised the importance of strengthening cooperation in combating terrorism and its financing. Both sides said terrorism remains one of the gravest threats to humanity. Without naming Pakistan, they agreed that there cannot be any justification for any act of terror.

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“They rejected any attempt to link terrorism to any particular race, religion or culture. Both sides called on all states to reject the use of terrorism against other countries, dismantle terrorism infrastructure where it exists and bring perpetrators of terrorism to justice swiftly,” according to the joint statement issued on Monday night. SPC was formed in October 2019 during Modi’s visit to Riyadh. The talks between both leaders followed the ministerial meetings held in September in Riyadh. “The Indian community in Saudi Arabia is part of us and we take care of them as we take care of our citizens,” Salman said at the news conference. Saudi Arabia and India have signed a bilateral agreement to bolster the investment climate in both countries, said a senior minister at an ongoing investment meet in New Delhi.



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