India, Saudi Arabia discuss strengthening trade relations, enhancing energy supply
New Delhi: India and Saudi Arabia Saturday discussed strengthening their trade relations, enhancing energy supply cooperation and advancing the negotiations for trade agreement between India and Gulf Cooperation Council (GCC) countries.
The discussion happened between commerce and industry minister Piyush Goyal and Saudi Arabia's Trade Minister Majid bin Abdullah Al Qassabi in a virtual call.
“We discussed strengthening India-Saudi Arabia trade relations, enhancing energy supply cooperation, and advancing the negotiations for trade agreement between India and GCC countries,” Goyal said in a post on X.
Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain are members of the GCC. It is New Delhi’s largest trading bloc with bilateral trade reaching $178.56 billion in FY25, accounting for 15.42% of India’s global trade. India and the GCC are negotiating a free trade agreement.
“The Ministers reaffirmed their commitment to strengthening bilateral trade and expressed optimism for early progress in the India-GCC FTA negotiations,” the commerce and industry ministry said in a statement.
The call assumes significance as the blockade in the Strait of Hormuz due to the West Asia conflict is impacting crude oil imports and energy security, and disrupted its LPG, LNG and crude oil supplies.
Both sides noted the strain conflict has put on regional supply chains and stressed the need for an early recovery through coordinated efforts to ensure smooth trade flows, it said.
Goyal highlighted India's steps to support exports to Saudi Arabia and the Gulf region.
The discussion happened between commerce and industry minister Piyush Goyal and Saudi Arabia's Trade Minister Majid bin Abdullah Al Qassabi in a virtual call.
“We discussed strengthening India-Saudi Arabia trade relations, enhancing energy supply cooperation, and advancing the negotiations for trade agreement between India and GCC countries,” Goyal said in a post on X.
Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain are members of the GCC. It is New Delhi’s largest trading bloc with bilateral trade reaching $178.56 billion in FY25, accounting for 15.42% of India’s global trade. India and the GCC are negotiating a free trade agreement.
“The Ministers reaffirmed their commitment to strengthening bilateral trade and expressed optimism for early progress in the India-GCC FTA negotiations,” the commerce and industry ministry said in a statement.
The call assumes significance as the blockade in the Strait of Hormuz due to the West Asia conflict is impacting crude oil imports and energy security, and disrupted its LPG, LNG and crude oil supplies.
Both sides noted the strain conflict has put on regional supply chains and stressed the need for an early recovery through coordinated efforts to ensure smooth trade flows, it said.
Goyal highlighted India's steps to support exports to Saudi Arabia and the Gulf region.
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