India and Saudi Arabia have discussed the feasibility of institutionalizing trade in rupee and riyal and the introduction of UPI (Unified Payment Interface) and RuPay card there.
According to a statement issued by the Commerce Ministry on Monday, other issues were also discussed during the visit of Commerce and Industry Minister Piyush Goyal to Riyadh on September 18-19.
He attended the ministerial meeting of the India-Saudi Arabia Strategic Partnership Council.
Goyal and Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud co-chaired the ministerial meeting of the Committee on Economy and Investment under the Council.
According to the statement, “Expanding the scope of trade and commerce, removal of trade barriers, automatic registration and marketing clearance of Indian pharmaceutical products in Saudi Arabia, feasibility of institutionalizing Rupee-Ryal trade, UPI and RuPay cards in Saudi Arabia.” Topics like the beginning of the
Goyal also discussed other issues with Crown Prince Abdulaziz bin Salman Al-Saud.
“The meeting also discussed how energy security with vulnerability to climate change can drive economic growth and prosperity,” the minister wrote on Twitter.
In the ministerial meeting, the technical teams have identified 41 areas for cooperation under four key areas- agriculture and food security, energy technology and IT and industry and infrastructure.
It was also agreed in the meeting for timely implementation of priority projects. It also reiterated its continued cooperation in joint projects including development of West Coast refinery, LNG infrastructure and development of strategic petroleum storage facilities in India.
In a separate meeting, the minister discussed in detail topics such as institutional tie-up between EXIM (Export-Import) banks of the two countries, joint projects in third countries, mutual recognition of standards and cooperation in infrastructure development.
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