Amid last month’s expansion of the BRICS alliance, Saudi Arabia and India have officially agreed to expand economic ties. Specifically, both countries met at the G20 Summit to agree to grow cooperation and collaboration in the finance and security sectors.
Saudi Arabia was a key member of the six new countries joining the bloc in 2024. Moreover, India represents one of the BRICS’ most important existing members, with economic growth that leads the globe. Now, both nations are poised to increase their partnerships.
BRICS Members Saudi Arabia and India Agree to Grow Ties
The entire geopolitical sector had its eyes firmly fixed on the BRICS 2023 Summit. There, the bloc was set to discuss growth plans as well as local currency promotional initiatives. What followed the event was a six-country expansion of the bloc, with ramifications likely to follow.
In the wake of that growth, BRICS members Saudi Arabia and India have reportedly agreed to expand their economic ties. Amid the G20 summit, India’s Prime Minister Narendra Modi and Saudi Arabia’s Crown Prince Mohammed bin Salman met at the India Saudi Arabia Strategic Partnerships Council, according to AP News.
There, the two countries reportedly discussed a plethora of important topics. Among those were issues such as energy security, trade, investment, and healthcare. The India-Saudi Arabia Strategic Partnership Council was established in 2019. Moreover, it operates as a platform for both countries to continue to increase their collaborations.
Now, Saudi Arabia and India join the United States and the European Union in the announcement of a new rail and shipping corridor. Indeed, the report noted that it is poised to increase economic growth and connections between both BRICS members. Therefore, unilateral trade would be positively impacted, as would cooperation between the bloc as a whole.