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Context: PM Modi embarks on two-day visit to Saudi Arabia
India and Saudi Arabia signed a raft of key pacts to significantly ramp up ties in several key sectors including oil and gas, renewable energy and civil aviation during Prime Minister Narendra Modi’s two-day visit to the Gulf nation.
India, the world’s third-largest oil consumer, imports 83 per cent of its oil needs.
Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.
India buys some 200,000 tonnes of LPG every month from Saudi Arabia.
Saudi Arabia with India in recent times:
India, Saudi Arabia to Set up Strategic Partnership Council:
After the delegation-level talks, the two sides signed an agreement to establish the India-Saudi Arabia Strategic Partnership Council to coordinate decisions regarding strategically important issues.
The council will be headed by Modi and the crown prince and it will meet at an interval of two years.
The two leaders condemned terrorism in all its forms and manifestations, and agreed to step up bilateral security cooperation.
They also discussed cooperation in agriculture, oil and gas, maritime security, innovative technology, renewable energy, trade and investment between the two countries during their talks.
An agreement was signed on bringing coordination between e-migration systems of the two countries.
MoUs signed between India and Saudi Arabia:
Importance of India to Saudi Arabia:
Conclusion:
India and Saudi Arabia have enjoyed traditionally close and friendly relations. Saudi Arabia has been one of the largest and reliable suppliers of India’s energy needs.
Both India and Saudi Arabia are redefining their foreign policy priorities at a time of global and regional turmoil.
For New Delhi, Saudi Arabia and the Arab Gulf states are becoming key interlocutors in the Middle East.
For Saudi Arabia, India is one of the eight major powers with which it wants to forge strategic partnerships as part of its Vision 2030.
It is not surprising, therefore, that there is a new energy in India-Saudi bilateral partnership.
By: Priyank Kishore ProfileResourcesReport error
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