India hailed its “strategic” partnership with oil-rich Saudi Arabia onMonday, days after unveiling a major trade and transport route linkingEurope, the Middle East and India as part of a broad alliance.
“Together, we made the historic start to establish an economic corridor,”Indian Prime Minister Narendra Modi told Saudi Arabia’s de facto rulerCrown Prince Mohammed bin Salman in New Delhi.
On Saturday, the pair took part alongside other G20 leaders in theunveiling of ambitious plans to create a modern-day Spice Route, boostingtrade ties with potentially wide-ranging geopolitical implications.
“This corridor will not only connect the two countries, but economiccooperation, digital connectivity between Asia, West Asia and Europe,” Modiadded, in talks following the end of the two-day Group of 20 leaders’summit he hosted.
During their talks, the Indian leader and the Saudi crown prince alsodiscussed cooperation in space, semiconductors and collaboration in defencemanufacturing as well.
Indian foreign ministry spokesman Arindam Bagchi said the leaders discussedissues, including energy security, trade, investment and defence, withoutgiving further details.
India and Saudi Arabia also discussed the possibility of trading in localcurrencies and expediting the negotiations for a free trade agreementbetween India and the Gulf Cooperation Council of which Saudi Arabia is amember.
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Ausaf Sayeed, a secretary in the Indian foreign ministry, said the twocountries signed eight agreements, including a pact to upgrade theirhydrocarbon energy partnership to a comprehensive energy partnership forrenewable, petroleum and strategic reserves.
They also agreed to create a joint task force for $100 billion in Saudiinvestment, half of which is earmarked for a delayed refinery project alongIndia’s western coast, Sayeed said.
Talking about the interconnectivity between India and the Gulf countries,Sayeed said that it will include ports, railways, better roads and alsopower, gas grids and an optical fibre network.
He spelled out that the corridor would include trains to India and not justlinks by port. -APP/AFP
