The two BRICS countries, Saudi Arabia and India, have signed a new energy deal that has certainly been labeled a “game changer.” Moreover, the two nations have already agreed to expand economic ties. The decision arrived after Saudi Arabia was invited to join the bloc at last month’s 2023 economic summit.
The economic alliance saw six countries join its ranks in its first expansion effort since its inception. Saudi Arabia joined the United Arab Emirates (UAE), Iran, Egypt, Ethiopia, and Argentina as part of key expansion efforts. Subsuenqlety’s deals with India show the fruit of that decision.
Also Read: BRICS Influence in Oil Sector Grows, Puts US Dollar in Danger
Saudi Arabia and India Sign New Energy Agreement Labeled a “Game Changer.”
The growth in economic ties between Saudi Arabia and India has been a notable development. Specifically, the two BRICS nations have seen their economic integration lead to agreements that could have massive implications. That trend has continued once again today.
Indeed, the BRICS nations of Saudi Arabia and India have signed a new energy agreement that has been labeled a “game changer.” Moreover, the deal will see the former aid India in its energy transition. The country’s Power and Energy Minister, R.K. Singh, noted that it could be of immense importance in the near term.
Also Read: Economist Predicts Tradig Ending to US Dollar
Specifically, both countries have signed a memorandum of understanding on energy cooperation. The deal has placed its emphasis on energy efficiency as well as renewable energy and green hydrogen. Subsequently, it has directed both nations toward energy efficiency, with a grid interconnected between the two nations.
“The advantage will be that renewable energy will be available around the clock because they are in different time zones, so the sun always shines in different time zones,” Singh told Arab News. “It is a game changer. The cost of electricity will come down for the entire region, for the entire Middle East, for our subcontinent, and also for Southeast Asia.”