India and Saudi Arabia Discuss Strengthening Trade Amid Supply Chain Disruptions
Piyush Goyal holds talks with Saudi Arabia trade minister on stronger supply chains
The Economic Times
Image: The Economic Times
India's Commerce and Industry Minister Piyush Goyal met with Saudi Arabia's Trade Minister Majid bin Abdullah Al Qassabi to address supply chain disruptions caused by regional conflicts. The discussion focused on enhancing bilateral trade and advancing negotiations for a free trade agreement between India and the Gulf Cooperation Council (GCC).
- 01Piyush Goyal discussed supply chain issues with Saudi Arabia's Trade Minister.
- 02The talks aim to strengthen bilateral trade and address disruptions caused by regional conflicts.
- 03India and Saudi Arabia are optimistic about advancing free trade agreement negotiations.
- 04Bilateral trade between India and the Gulf region reached $178 billion in 2024-25.
- 05Key sectors affected include petroleum, chemicals, engineering goods, and pharmaceuticals.
Advertisement
In-Article Ad
On Saturday, Piyush Goyal (India's Commerce and Industry Minister) held talks with Majid bin Abdullah Al Qassabi (Saudi Arabia's Trade Minister) to address the supply chain disruptions resulting from ongoing conflicts in West Asia. The meeting, conducted virtually, underscored both ministers' commitment to enhancing bilateral trade and highlighted the urgency of recovering regional supply chains. Goyal pointed out that the recent conflict has severely impacted shipping routes, particularly affecting exports to Gulf nations, which include Saudi Arabia, the UAE, Bahrain, Kuwait, Oman, and Qatar. The bilateral trade between India and the Gulf region was valued at $178 billion in 2024-25, comprising $56.87 billion in exports and $121.67 billion in imports. Both sides expressed optimism for progress in the ongoing negotiations for a free trade agreement between India and the Gulf Cooperation Council (GCC).
Advertisement
In-Article Ad
Strengthening trade relations could lead to improved economic stability and opportunities for Indian exporters in the Gulf region.
Advertisement
In-Article Ad
Reader Poll
How important is strengthening trade relations with the Gulf Cooperation Council for India's economy?
Connecting to poll...
Read the original article
Visit the source for the complete story.