Goyal holds talks with Saudi Minister to strengthen trade ties

Union Commerce and Industry Minister Piyush Goyal on Thursday said he held a “productive meeting” with Faisal bin Fadel Al-Ibrahim, Saudi Arabia’s Minister of Economy and Planning, to deepen economic cooperation between the two nations."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.

Held a productive meeting with H.E. Faisal bin Fadel Al-Ibrahim, Minister of Economy and Planning, Saudi Arabia.

Discussed strengthening India-Saudi Arabia ties, with a focus on enhancing our trade & investment partnership and collaborating in key sectors like pharmaceuticals,… pic.twitter.com/e26mCO2kiL

— Piyush Goyal (@PiyushGoyal) July 16, 2025

Goyal extended an invitation to Al-Ibrahim to visit India soon, expressing confidence in the growth prospects ahead. “We are confident of exciting growth prospects ahead for both nations,” the minister added.
India-Saudi Arabia Trade Relations
India and Saudi Arabia maintain strong trade ties, with the Gulf nation being a key energy supplier to India. Bilateral trade touched $42.98 billion in FY 2023-24, with India’s exports amounting to $11.56 billion and imports—primarily crude oil—standing at $31.42 billion
Export Promotion Strategy
Goyal also convened a virtual meeting with commerce representatives from 74 Indian missions abroad to discuss strategies for promoting exports. He emphasized the need for:
•Proactive market engagement
•Enhanced trade intelligence
•Closer collaboration with Indian exporters
The minister urged missions to identify new export opportunities, address non-tariff barriers, and strengthen communication between embassies and industry. He reiterated the role of Indian missions in supporting trade, technology, tourism, and investment promotion, calling for robust reporting through the Trade Connect platform to maximize global outreach.

Convened a productive meeting with Commerce Representatives in 74 Indian missions abroad.

Emphasised the need for proactive market engagement, enhanced trade intelligence and closer collaboration with Indian exporters.

Highlighted the importance of identifying new export… pic.twitter.com/jgYjdc2OvH

— Piyush Goyal (@PiyushGoyal) July 16, 2025

Exports Maintain Growth Momentum
Despite global uncertainties triggered by U.S. tariff hikes and geopolitical tensions, India’s trade performance has remained resilient.
•Total exports of merchandise and services in June 2025 stood at $67.98 billion, marking a 6.5% growth year-on-year.
•Exports during April-June 2025 reached $210.31 billion, up 5.94% from the previous year.
•Imports in the same quarter rose 4.38% to $230.62 billion.
Electronic goods, pharmaceuticals, and engineering products have emerged as key drivers of merchandise exports, reflecting the growing share of industrial goods in India’s export basket,noted experts.

(Business Correspondent)