India and Saudi Arabia discuss rupee-riyal trade and UPI payment system


India and Saudi Arabia discussed the feasibility of institutionalizing the rupee-riyal trade, as well as the introduction of the instant payments system – United Payments Interface (UPI) – and Rupay cards in the kingdom, the Department of Trade and Industry said in a statement on Monday.

The two countries reaffirmed continued cooperation in joint projects including the West Coast Refinery, investment in LNG infrastructure and development of strategic oil storage facilities in India. Minister Piyush Goyal in Riyadh from September 18 to 19, the statement said.

During the visit, Goyal met with his counterpart Majid bin Abdullah Al-Kassabi and held broad discussions on bilateral trade, trade and investment ties.

These talks are gaining momentum as Oil Minister Hardeep Singh Puri hinted last week that he would revive the mega West Coast refinery project in Maharashtra. The project was shelved due to opposition from residents. Aramco, the world’s largest oil company, and Adnoc of the United Arab Emirates wanted to take significant minority stakes in the project launched jointly by Indian Oil, BPCL and HPCL.

“Agreement to undertake the implementation of priority projects within a specified period. Priority areas of cooperation include: collaboration in the digital fintech sector through the operationalization of UPI and the Rupay card in the Kingdom of Saudi Arabia,” the statement read.

Diversification and expansion of trade and commerce, removal of trade barriers including outstanding issues related to sanitary and phytosanitary measures and trade remedies, automatic registration and marketing clearance of Indian pharmaceutical products in Saudi Arabia, were some of the other key points of discussion with the Saudi trade minister.

The ministerial meeting also approved the 41 areas of cooperation identified by the technical teams in the four main areas of agriculture and food security, energy, technology and information technology, and industry. and infrastructure.

Goyal attended the ministerial meeting of the India-Saudi Arabia Strategic Partnership Council. Goyal and Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud co-chaired the ministerial meeting of the council’s economy and investment committee.

Saudi Arabia is India’s fourth largest trading partner. India is largely dependent on the nation to meet its oil needs. From April to July, the country was India’s second largest crude oil import partner, after Iraq.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Source link

Elaine R. Knight