India, Saudi Arabia Eye Deeper Trade Ties; Goyal Holds Talks With Faisal Al-Ibrahim

Piyush Goyal met Saudi Arabia's Economy Minister, Faisal Al-Ibrahim, to strengthen trade and investment ties, focusing on pharmaceuticals, petroleum, and ceramics.

Goyal also extended an invitation to Faisal bin Fadel Al-Ibrahim to visit India at the earliest.

Source : PTI

New Delhi, July 17 (IANS) Commerce and Industry Minister Piyush Goyal on Thursday said that he held “a productive meeting” with Faisal bin Fadel Al-Ibrahim, Saudi Arabia’s Minister of Economy and Planning.

“Discussed strengthening India-Saudi Arabia ties, with a focus on enhancing our trade and investment partnership and collaborating in key sectors like pharmaceuticals, petroleum and ceramics,” Goyal said in a post on X.

The minister also extended an invitation to Faisal bin Fadel Al-Ibrahim to visit India at the earliest.

“We are confident of exciting growth prospects ahead for both nations,” Goyal said.

India and Saudi Arabia share robust trade relations, with both countries being significant trading partners. Oil-rich Saudi Arabia is a key source of energy for India. Bilateral trade has seen steady growth, reaching $42.98 billion in FY 2023-24. India's exports to Saudi Arabia were $11.56 billion, while imports reached $31.42 billion.

Goyal also said that he convened a meeting with Commerce Representatives in 74 Indian missions abroad on steps to promote exports.

“Emphasised the need for proactive market engagement, enhanced trade intelligence and closer collaboration with Indian exporters,” Goyal said in the post on X.

He highlighted the importance of identifying new export opportunities, addressing non-tariff barriers and strengthening communication between embassies and industry.

Goyal reiterated the role of Missions in supporting trade, technology, tourism and investment promotion and called for robust reporting via Trade Connect to maximise global outreach.

India’s total exports of merchandise and services for June 2025 touched $67.98 billion, registering a growth of 6.5 per cent compared with the corresponding figure for the same month of the previous year, despite the global uncertainties triggered by the hike in US tariffs and geopolitical tensions.

India’s total exports during the April-June quarter of 2025 are estimated at $210.31 billion, registering a positive growth of 5.94 per cent compared to the same period of the previous year, while total imports during the quarter grew 4.38 per cent to $230.62 billion, according to figures compiled by the Ministry of Commerce and Industry.

Electronic goods, drugs and pharmaceuticals and engineering goods have emerged as major drivers of India’s merchandise exports, reflecting the higher share of industrial goods in the country’s export basket.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)