Saudi Arabia, India expand partnership council to 4 ministerial committees
This expansion introduces a committee for defense cooperation and another for tourism and cultural collaboration.
This announcement was made in a joint statement at the conclusion of the visit of the Indian Prime Minister to the Kingdom. Both sides emphasized that the strong foundation of bilateral relations between the two countries has been further enhanced through this strategic partnership, which covers a wide range of areas including defense, security, energy, trade, investment, technology, agriculture, culture, health, education, and people-to-people ties.
The two sides also exchanged views on current regional and international issues of mutual interest.
The Indian side agreed to work with Saudi Arabia to enhance the stability of global oil markets and achieve balance in global energy market dynamics. Both sides emphasized the importance of ensuring the security of energy supplies in global markets.
They agreed to strengthen cooperation in several areas within the energy sector, including the supply of crude oil and its derivatives, including LPG, cooperation in India's strategic petroleum reserve program, joint projects in refining and petrochemicals sectors, innovative uses of hydrocarbons, electricity, renewable energy, including completing a joint detailed study on the electrical interconnection between the two countries, and exchanging expertise in network automation, integration, and the security and resilience of power grids.
Additionally, they discussed renewable energy projects, energy storage technologies, and enhancing the participation of companies from both sides in implementing projects.
Both parties highlighted the importance of cooperation in green/clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, and exchanging experiences to apply best practices.
The two sides also agreed on the importance of working on developing supply chains and projects related to the energy sector, enabling cooperation between companies, enhancing energy efficiency, and promoting energy conservation in sectors such as buildings, industry, and transportation, while increasing awareness of its importance.
The two leaders expressed satisfaction with the progress made in discussions under the high-level working group established in 2024 to enhance investment flows between the two countries.
Saudi Arabia's efforts to invest in India across various sectors, including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, communications, pharmaceuticals, manufacturing, and health, were highlighted, with an understanding reached in multiple areas aimed at accelerating investment flows.
They also pointed to the agreement reached within the high-level working group for cooperation in the establishment of two refineries.
Both sides reiterated their commitment to strengthening their direct and indirect investment partnership and agreed to facilitate further cooperation in the startup ecosystem, contributing to mutual growth and innovation.
Regarding climate change, both sides emphasized the importance of adhering to the principles of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, with a focus on developing and implementing climate agreements that concentrate on emissions rather than sources.
The Indian side praised the Kingdom's launch of the Saudi Green and Middle East Green initiatives and expressed support for Saudi Arabia's efforts in climate action. Both sides stressed the importance of joint cooperation in developing carbon circular economy applications by enhancing policies that use the carbon circular economy as a tool for managing emissions and achieving climate change goals.
Both sides expressed satisfaction with the steady growth of bilateral trade in recent years, with India being the Kingdom's second-largest trading partner and the Kingdom being India's fifth-largest trading partner for the period 2023-2024.
They agreed to continue strengthening cooperation to diversify trade, increase business visits, trade delegations, and organize trade and investment events in both countries. They also expressed a desire to start negotiations for a Free Trade Agreement (FTA) between India and the Gulf Cooperation Council (GCC).
Both sides agreed on the importance of enhancing cooperation and coordination between the two countries in international organizations and forums, including the G20 and the International Monetary Fund (IMF) and World Bank, to support efforts to tackle challenges facing the global economy.
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