Tag: Trade ties

  • Growing Saudi-India partnership: MBS and Modi discuss expanding trade goals

    Growing Saudi-India partnership: MBS and Modi discuss expanding trade goals

    Indian Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman held discussions on trade ties in New Delhi after the G20 Summit. The leaders met at the Hyderabad House, New Delhi, for the Saudi-Indian Strategic Partnership Council meeting. During the talks, they covered various areas of cooperation and regional and international topics of mutual interest.

    Modi expressed satisfaction with the discussions, highlighting synergy with Saudi Arabia. He emphasized the potential for collaboration in grid connectivity, renewable energy, food security, semiconductors, and supply chains.

    The meeting involved senior officials from Saudi Arabia, including Minister of Energy Prince Abdulaziz bin Salman, Foreign Minister Prince Faisal bin Farhan, and Minister of Investment Khalid al-Falih. Falih mentioned the possibility of establishing an office for Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, in India’s tax-neutral financial services center, Gujarat International Finance Tec-City.

    Furthermore, the Saudi Export-Import Bank (Saudi EXIM) and the India Export-Import Bank (India EXIM) signed an agreement to boost exports and mutual market presence.

    This gathering followed the announcement of a multinational rail and ports deal involving India, Saudi Arabia, the United States, the European Union, the United Arab Emirates (UAE), and other global leaders. The deal aims to connect the Middle East and South Asia through the India-Middle East-Europe Economic Corridor, enhancing connectivity and reducing shipping costs.

    US President Joe Biden viewed this agreement as a significant step and a counter to China’s Belt and Road Initiative.

  • Ghulam Khan transit route made operational to boost Pak-Afghan trade ties

    Ghulam Khan transit route made operational to boost Pak-Afghan trade ties

    Ghulam Khan Transit Trade Route has been made operational by the Government of Pakistan. It will connect the traders of North Waziristan and Afghanistan.

    It is an initiative to improve trade ties between Pakistan and Afghanistan. For several years, the volume of trade has decreased between the two neighbouring countries due to inefficient policies from both sides.

    Khyber Pakhtunkhwa (KP) Frontier Customs Agents Association (FCAA) President Zia-ul-Haq Sarhadi praised the government’s move to open the Ghulam Khan border for the Afghan transit trade, saying that it will give a forward push to bilateral trade.

    “Over the last couple of years, trade volume has fallen from less than $2.5 billion to less than $1 billion,” Sarhadi added.

    He further said that the distance through the third most important border crossing point between Pakistan and Afghanistan, from Karachi and Gwadar to Kabul, will be reduced by about 400km, which would significantly reduce transportation costs.

    It will also reduce the transportation cost, and more than 20,000 locals from North Waziristan will get employment opportunities.