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NEW DELHI: India hailed its “strategic” partnership with oil-rich Saudi Arabia on Monday, days after unveiling a major trade and transport route linking Europe, the Middle East and India as part of a broad alliance.

“Together, we made the historic start to establish an economic corridor,” Indian Prime Minister Narendra Modi told Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman in New Delhi.

India, Saudi Arabia likely to sign energy cooperation pact on Monday

On Saturday, the pair took part alongside other G20 leaders in the unveiling of ambitious plans to create a modern-day Spice Route, boosting trade ties with potentially wide-ranging geopolitical implications.

“This corridor will not only connect the two countries, but economic cooperation, digital connectivity between Asia, West Asia and Europe,” Modi added, in talks following the end of the two-day Group of 20 leaders’ summit he hosted.

India and Saudi Arabia, along with the United States, the European Union, the United Arab Emirates and others launched the initiative to link railways, ports, electricity and data networks and hydrogen pipelines.

Although heavily trade-focused, the scheme could have wide-ranging implications – including developing contacts between long-time foes Israel and Saudi Arabia.

Also on Monday, an Israeli delegation was in Riyadh for a UNESCO meeting, an Israeli official told AFP, marking the country’s first publicly announced visit to Saudi Arabia.

Saudi Arabia has never officially recognised Israel.

US President Joe Biden called the trade and transport scheme “historic” at the launch event.

European Commission President Ursula von der Leyen said the so-called India-Middle East-Europe economic corridor was “much more than ‘just’ a railway or a cable”.

Signatories hope it can help integrate India’s vast market of 1.4 billion people with countries to the west, offer a counterbalance to lavish Chinese infrastructure spending, boost Middle Eastern economies and help normalise relations between Israel and Gulf Arab states.

For New Delhi, the world’s most populous country, and Riyadh, the world’s biggest crude exporter, it was another step in bringing the nations closer, with bilateral trade already reaching $42.8 billion last year, according to Saudi’s investment ministry.

“As two of the world’s fastest growing economies, our mutual cooperation is important for the peace and stability of the entire region,” Modi added, in footage shown on state broadcasters.

“For India, Saudi Arabia is one of most important strategic partners,” he said.

Indian foreign ministry spokesman Arindam Bagchi said the leaders discussed issues included energy security, trade, investment and defence, without giving further details.

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KhanRA Sep 11, 2023 04:16pm
The whole world, even our friends, are cozy with india now. We cannot keep acting like we can isolate them over Kashmir. In fact, the opposite is true. It’s high time we realise that they can become prosperous without us, but we cannot be prosperous without trading with them. We need them more for our economy than they need us.
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TidBit Sep 11, 2023 04:36pm
"The whole world, even our friends, are cozy with india now." Dude KSA and the entire GCC was always friends with India. Pakistan spread false rumors that it isolated Muslim countries against India through OIC. That was a hogwash. Now what? India does not need Pakistan to prosper, but Pakistan cannot prosper without India. Many irrational Pakistanis will deny this truth, and so be it. let them be stuck in the dark ages and believe in the magic of CPEC game changers, Gwadar Crown Jewel, Geoeconomics, and now SIFC. Pakistan is believing in its own lies.
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Az_Iz Sep 11, 2023 04:39pm
@KhanRA, China is a top 5 trading partners for almost every country in the world. And India is the bottom 5 trading partners for almost every country in the world. No need to exaggerate.
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Az_Iz Sep 11, 2023 05:10pm
Suez Canal will always be the most economical and dominant trade link between Europe and Asia.
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Az_Iz Sep 11, 2023 05:16pm
@TidBit, toy makers in India buy the electronic and small electric motors from China. The whole world including US and EU trades with China, way much more than India. Trading with China should be a priority.
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Az_Iz Sep 11, 2023 05:18pm
Not trading with China is not even an option for US, EU and even India. Where as trading with India is just an option.
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Az_Iz Sep 11, 2023 05:52pm
The US and to some extent EU do not want China to dominate the global economy , technology and global affairs. They imposed restrictions on chip technology, among other things, although it did not stop China , which produced it’s own 7nm chips just a few days ago. But they still do a lot of business between them, because not trading with China is not even an option. India has lost territory to China. Yet it does a lot of business with China. Again, not trading with China is not even an option. Whereas , that is not true with India. Trading with India is optional.
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TidBit Sep 11, 2023 06:15pm
@Az_Iz, Ok sir. You know better.
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Amigo Sep 11, 2023 07:16pm
KSA strong relations with India is Good for Muslims.
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KU Sep 11, 2023 07:37pm
It's also known as economics and the future welfare of people, and we seem to not understand it. Especially when our supposed benefactors and their intelligence are still in their infancy.
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Az_Iz Sep 12, 2023 03:30am
@Amigo, delusional.
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