Quantity of commerce trade between Saudi Arabia and G20 nations in 2022 is $421 billion

by ADeeL

Saudi Gazette report

RIYADH — The Saudi Ambassador to India Saleh Bin Eid Al-Hussaini revealed that the quantity of commerce trade between the Kingdom and the G20 nations, throughout 2022, reached $421 billion.

Al-Hussaini made the remarks whereas talking to the Saudi Press Company on the event of the go to of the Crown Prince and Prime Minister Mohammed Bin Salman to India to take part within the G20 leaders’ summit, which is being held on Sept. 9 and 10, 2023 in New Delhi.

He identified that the quantity of the economies of the G20 nations represents 85% of the worldwide gross home product (GDP), and is inhabited by 60% of the world’s inhabitants, whereas it accounts for 75% of the quantity of worldwide commerce.

This displays the significance, effectiveness and affect of the member states within the G20 summit in attaining progress, financial stability and the power to confront international financial challenges.

Saudi Arabia and India have a robust, deep and developed historic relationship, Al-Hussaini mentioned, noting that since 2019, the extent of this relationship has risen with the institution of the Strategic Partnership Council co-chaired by the Saudi Crown Prince and the Indian Prime Minister.

“The Kingdom and India are among the many largest international economies collaborating within the G20,” he famous.

He burdened that the connection between the Kingdom and India is gaining distinguished significance as a consequence of their pioneering financial function of their areas and the world, which would supply extra alternatives for commerce, funding and expertise switch.

Saudi Arabia is India’s 4th buying and selling companion, whereas India is the Kingdom’s 2nd buying and selling companion, Al-Hussaini mentioned, noting that the quantity of commerce trade between the 2 nations not too long ago jumped by 50%, to succeed in $53 billion, in comparison with $35 billion in 2021.

The relations between the 2 nations are characterised by the truth that they supply one another with key hyperlinks within the provide chains for a variety of strategic items and companies. For the Saudi facet.

It is taken into account a significant dependable supply for imports of oil, petrochemicals and fertilizers, and it additionally has a pivotal function globally within the area of vitality safety and worth stability.

In return, India contributes to meals safety and is a major supply of overseas transfers. Moreover, the Indian workforce within the Kingdom enhances labor market dynamics and fosters stronger relations between the 2 nations, Al-Husseini mentioned.

Ambassador Al-Hussaini emphasised that the Kingdom’s affect extends past the regional degree to the worldwide stage, because it ranks among the many world’s main economies and is the only Center East member of the Group of Twenty (G20).

Al-Husseini thought-about the G20 the simplest worldwide platform to confront international financial challenges.

Whereas he identified that the significance of holding the G20 in 2023 in India comes at a time when the nation has achieved the very best charges of financial progress in 2022 alongside Saudi Arabia among the many G20 nations.

The ambassador mentioned that India is now probably the most populous nations, and has jumped to develop into the fifth largest economic system on the earth.

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