India, Saudi Arabia Explore Rupee-Riyal Trade, Digital Payment System

Diversification and growth of change and commerce, and the elimination of change boundaries had been amongst the key factors of India-Saudi talks.

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India and Saudi Arabia have held discussions on the feasibility of institutionalising Rupee-Riyal trade, and the introduction of UPI and RuPay playing cards in the kingdom, the commerce ministry stated on Monday.

These issues, amongst others, had been mentioned in the course of the go to of Commerce and Industry Minister Piyush Goyal to Riyadh at some point of September 18-19. He attended the ministerial assembly of the India-Saudi Arabia Strategic Partnership Council.

Mr Goyal and Saudi Minister for Energy Prince Abdulaziz bin Salman Al-Saud co-chaired the ministerial assembly of the Committee on Economy and Investments of the council.

“Diversification and growth of exchange and commerce, elimination of exchange barriers…automatic registration and advertising and marketing authorization of Indian pharma merchandise in Saudi Arabia, feasibility of institutionalizing Rupee-Riyal trade, introduction of UPI and Rupay playing cards in Saudi Arabia; had been amongst the key factors of discussion,” it said.

Mr Goyal additionally mentioned a number of problems with Prince Abdulaziz bin Salman Al Saud.

“Discussed how power protection with local weather alternate sensitivity can supply financial increase and prosperity,” Mr Goyal tweeted.

The ministerial assembly additionally encouraged the forty one areas of cooperation recognized by way of the technical groups below the 4 extensive domains of agriculture and meals security; energy; science and IT; and enterprise and infrastructure.

It additionally agreed to undertake implementation of precedence tasks in a time sure manner and re-affirmed endured cooperation in joint tasks which includes the West coast refinery, LNG infrastructure funding and improvement of strategic petroleum storage services in India.

During a CEO Roundtable with businessmen in Saudi Arabia, talks targeted on growing exports from India, and facilitating inward investments into India, it added.

In a separate meeting, the minister held discussions on a extensive vary of matters such as institutional tie-up of the EXIM banks of the two countries, joint tasks in 0.33 countries, mutual awareness of standards, and collaboration in infrastructure development.

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