Riyadh: Saudi Arabia and India have officially announced an expansion of their Strategic Partnership Council to further bolster mutual cooperation. This move was revealed in a joint statement issued by the Saudi Press Agency (SPA), coinciding with the conclusion of Indian Prime Minister Narendra Modi's visit to Saudi Arabia.
According to Kuwait News Agency, the joint statement underscores the significance of collaborative efforts on global issues, with both nations agreeing to enhance cooperation within international organizations such as the G20, International Monetary Fund, and World Bank. The expansion follows the historic state visit of Saudi Crown Prince Mohammad bin Salman Al-Saud to India in September 2023, where he participated in the G20 Summit and co-chaired the first meeting of the Saudi-Indian Strategic Partnership Council.
The recent co-chairing of the second meeting by Prince Mohammad and Prime Minister Modi marked a significant milestone, with the council expanding to include four ministerial committees. This expansion reflects the deepening strategic partnership, particularly with the addition of committees on Defense Cooperation and Tourism and Cultural Cooperation.
Significant progress was reported in discussions under the High-Level Task Force established in 2024 to promote investment flows. Both leaders expressed satisfaction with the breakthroughs achieved, particularly in areas like taxation, and reiterated their commitment to concluding negotiations on the Bilateral Investment Treaty swiftly.
The two sides also highlighted the activation of the Framework of Cooperation on Enhancing Bilateral Investment between Invest India and the Ministry of Investment of Saudi Arabia, emphasizing the growing economic partnership.
In the energy sector, India agreed to collaborate with the Kingdom to enhance the stability of global oil markets. Both nations stressed the importance of adhering to climate agreements, with Saudi Arabia's green initiatives and India's global climate contributions gaining mutual appreciation.
Trade relations between the two countries have seen steady growth, with Saudi Arabia being India's fifth-largest trading partner in 2023-2024. Both sides expressed a desire to commence negotiations on the India-GCC FTA.
Defense cooperation remains a priority, with the establishment of a Ministerial Committee under the Strategic Partnership Council. Cooperation in cybersecurity, maritime security, and combating transnational crime was also emphasized.
In health, the signing of an MoU on cooperation was welcomed, alongside initiatives to tackle health risks. Further collaboration in digital governance and space technology was agreed upon, with an MoU setting the stage for mutual engagement in these fields.
Cultural and educational exchanges continue to thrive, with both nations committed to enhancing cooperation in tourism, arts, and sciences. The signing of the MoU on the India-Middle East-Europe Economic Corridor and progress in energy and supply chain agreements were also acknowledged.
Finally, both sides reaffirmed their support for a comprehensive political solution to the crisis in Yemen, demonstrating their commitment to regional stability.