Trade Agreement Between India And Saudi Arabia

19. Dezember 2020 Aus Von ROCT

In history, there have been four visits by an Indian Prime Minister to Saudi Arabia: Jawaharlal Nehru (1955), Indira Gandhi (1982), Manmohan Singh (2010) and Narendra Modi (2016). [7] The two countries share similar views on the fight against terrorism. [8] There is a strong geographical and demographic link between the two countries, since Islam is the second largest religion in India. In addition, the Muslim population in India is the second largest in the world, sending a large number of Indian pilgrims to Umrah and Hajj each year. The commercial and cultural links between Ancient India and Arabia date back to the third millennium BC. [2] Around 1000 AD, trade relations between South India and Arabia developed and became the backbone of the Arab economy. [3] Arab merchants held a monopoly on the spice trade between India and Europe until the rise of European imperialist empires. [4] India was one of the first nations to establish links with the Third State of Saudi Arabia. In the 1930s, British India financed Nejd with financial grants. [5] The main trade and investment sectors between the two countries are: the foreign ministers of the two countries are co-chairs of the first pillar, while the Indian Ministers of Trade and Industry and the Saudi Minister of Energy are co-chairs of the economics and investment pillar.

There are a number of joint working groups in different areas within the framework of the two pillars and, in recent months, a series of formal meetings have been held between the two parties. Strong economic partnerships and long-term citizen-to-citizen relations have created a strong platform for bilateral relations between India and Saudi Arabia. A stark testimony to this strong bond is that Saudi Arabia offers a home to a population of 2.6 million Indian expatriates. Formal diplomatic relations between present-day India and Saudi Arabia were established shortly after India`s independence in 1947. Relations between the two countries have improved considerably as a result of regional and trade cooperation. Saudi Arabia is one of the main suppliers of oil to India, which is one of the seven main trading partners and the fifth largest investor in Saudi Arabia. [6] Saudi Arabia: Mukhtar Abbas Naqvi, Minister of Minority Affairs, today signed a bilateral agreement with DemHadh 2020 between India and Saudi Arabia with the King of the Kingdom of Saudi Arabia, Dr. Mohammad Saleh bin Taher Benten. 2. Prime Minister Shri`s pioneering visits. Narendra Modi in the kingdom in 2016 and 2019 and Crown Prince Mohammad bin Salman`s state visit to India in February 2019 marked a new era in bilateral relations, culminating in the creation of the Strategic Partnership Council (SPC), co-led by the two leaders. In addition, the two sides signed eleven additional soft forces in the fields of energy, security, counter-narcotics, arms production, civil aviation, medical products, strategic oil reserves, small and medium-sized industries, the introduction of the Rupay card, cooperation in diplomat training, stock market cooperation, etc. Regular ministerial visits by both parties took place.