Agreement Between India And Saudi Arabia

India and Saudi Arabia enjoy centuries-old economic and socio-cultural relations. Economic relations are at the heart of the bilateral strategic partnership. The Delhi Declaration (signed in 2006 on the sidelines of King Abdullah`s visit to India) and the Riyadh Declaration (signed in 2010 during the Prime Minister`s visit) underlined the energy cooperation between our two friendly countries. The Riyadh Declaration committed the two sides to a strategic partnership based on complementarity and interdependence, including respect for India`s crude oil supply and the identification and implementation of specific projects in the fields of new and renewable energy. Saudi Crown Prince Muhammad bin Salman visited India during his trip to many Asian countries in February 2019. [36] The crown prince met with the Indian prime minister and a number of senior officials in India. The main objective of the visit is to improve the historical relations between the two countries. [24] The two parties agreed to strengthen trade relations between them. In addition, the number of Indian pilgrims practicing hajj in Saudi Arabia has been increased to 200,000 per year. [37] The Saudi prince expected Saudi investment in India to reach $100 billion over the next two years. [38] [36] Trade and cultural relations between Ancient India and Arabia date back to the third millennium BC.[2] Around 1000 AD, trade relations between southern India and Arabia became the backbone of the Arab economy. [3] Until the rise of the European imperialist empires, Arab traders had a monopoly on the spice trade between India and Europe. [4] India was one of the first nations to establish relations with the third Saudi state.

In the 1930s, British India heavily funded Nejd through financial grants. [5] Since the 1990s, the two nations have taken steps to improve relations.