Acknowledging the steady increase in bilateral trade over the last few years, India and Saudi Arabia on Sunday expressed satisfaction at the USD 39 billion trade in 2014-15, taking note of the excellent trade and economic engagement with the two countries being among the top trading partners for each other.
In a joint statement issued after the talks between Prime Minister Modi and Saudi Arabia's King Salman bin Abdulaziz Al Saud, the two leaders agreed upon the need to further strengthen these ties, particularly through diversifying non-oil trade.
Both leaders appreciated the well-functioning bilateral institutional mechanisms in the field of trade & investment, energy, defence and manpower.
They noted that new and potential areas of cooperation identified during the meetings held under these mechanisms had a constructive effect on the expanding bilateral ties and further called for effective implementation of the decisions made under the framework of these mechanisms.
The two leaders welcomed the positive outcomes of the 11th session of the Joint Commission Meeting held in New Delhi in May 2015 and its Review Meeting held in Riyadh in December 2015 and also mandated the Saudi-India Joint Commission to continue follow up of the decisions taken at the highest levels for cementing the bilateral strategic partnership.
Acknowledging the on-going positive transformation of the economies of India and Saudi Arabia, the two leaders emphasized the importance of expanding trade and investment ties to drive the strategic engagement forward.
They directed their Finance and Trade Ministers to work together to find ways and means to substantially increase the flow of bilateral investments and growth of trade ties.
