India and Saudi Arabia discuss rail and port project and local currency trade

NEW DELHI, Sept 11 (Reuters) – India will be connected by rail under a multinational rail and port corridor between the Middle East and South Asia that was announced on the sidelines of the a G20 summit over the weekend, an Indian foreign ministry official said on Monday.

The multinational rail and port deal with the United States, Saudi Arabia, India, the European Union and the United Arab Emirates as members will link the Middle East with South Asia and is being seen as a counterweight to the ambitious Belt and Road Initiative. China route.

During Saudi Crown Prince Mohammed bin Salman’s state visit to New Delhi on Monday, India and Saudi Arabia also discussed the possibility of trading in local currencies and accelerating negotiations for a free trade agreement between India and the Gulf Cooperation Council , of which Saudi Arabia is a member. member.

Foreign Ministry Secretary Ausaf Sayeed, the two countries signed eight agreements on Monday, including a pact to upgrade their hydrocarbon energy partnership to a comprehensive energy partnership for renewable, oil and strategic reserves.

Saudi Arabia is among the top oil exporters to India.

They also agreed to create a joint working group for a $100 billion Saudi investment, half of which is earmarked for a delayed refinery project along India’s western coast, Sayeed said.

Talking about interconnectivity between India and Gulf countries, Sayeed said it will include ports, railways, better roads and also power, gas and fiber optic networks.

During their talks today, the Indian leader and the Saudi crown prince also discussed cooperation in space, semiconductors and defense manufacturing collaboration.

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