What is India-Saudi Arabia Strategic Partnership Council? When was it established, know how beneficial it is for India - Newztezz - Latest News Today, Breaking News, Top News Headlines, Latest Sports News


Tuesday, September 12, 2023

What is India-Saudi Arabia Strategic Partnership Council? When was it established, know how beneficial it is for India

When was the Strategic Partnership Council formed? How important is this for India and Saudi Arabia and how will it benefit both the countries. Both the countries have recently signed eight agreements under the Council.

Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman was on a three-day visit to India. Two days after the G-20 summit, he participated in the first meeting of the Strategic Partnership Council with Indian Prime Minister Narendra Modi. During this period, eight agreements were signed between the two countries. Diplomatic relations between India and Saudi Arabia had started with independence, which gradually became stronger. PM Modi further strengthened it. Let us know when the Strategic Partnership Council was established and how beneficial it is for India.

In the year 2016, Saudi Arabia honored PM Narendra Modi with its highest honour, then in the year 2019, the Crown Prince of Saudi Arabia signed an investment of 10 thousand crore US dollars during his visit to India. This year, during PM Modi's visit to Saudi Arabia, the Strategic Partnership Council Agreement was signed between the two countries.

It is the responsibility of this council to focus only on its own interests without looking here and there and move forward while exploring the possibilities of progress of both the countries. Although formally this may have been the first meeting in New Delhi, but since the year 2019, many meetings of ministers and officials of both the countries have taken place. Possibilities were explored and now its effect was seen in the form of eight new agreements in New Delhi on 11 September.

Why is the Strategic Partnership Council important?

In fact, Saudi Arabia is gradually reducing its dependence on oil and investing in other sectors. Its relationship with India also becomes special because about 24 lakh Indians are living in Saudi Arabia and contributing to its progress. A large number of Indian companies have also invested there. In such a situation, when it came to investment, Saudi Arabia gave importance to India. It also benefits in this, because India is a big emerging market. India is the second largest trade partner of Saudi Arabia.

Saudi Arabia is India's fourth largest trade partner

Saudi Arabia is India's fourth largest trade partner. In the financial year 2022-23, trade between the two countries was US $ 52.75 billion. This country is the third largest source of crude oil and LPG for India. Saudi Arabia has also invested in West Coast Refinery in Maharashtra. Both countries have agreed to work further in the field of renewable energy.

In the year 2014, a strategic agreement was signed between the two countries in the defense sector. Since then both the armies have been participating in joint exercises. Both countries have also agreed to take forward the India Gulf Cooperation Council Free Trade Agreement. Saudi Arabia has not only welcomed the announcement of the India Middle East Europe Economic Corridor but has also promised greater participation in it.

Another important thing is that Saudi Arabia is rapidly changing its foreign policy. He is working on his global image. That is why it is moving forward by joining hands with big economies like India, Russia, China. The new leadership there is generous in terms of development. She is not shying away from exploring and investing in opportunities in the world with an open mind.

No comments:

Post a Comment