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NEW DELHI, July 11: India on Tuesday said that India-Arab trade relations have withstood the test of time. Addressing the 6th India-Arab partnership conference in New Delhi, Indian Minister of State for External Affairs V. Muraleedharan said that trade relationship between India and the Arab world has withstood the test of time and despite COVID-19 and global geopolitical conflict, trade ties between the two continues to grow. “Even during the recent pandemic and global geopolitical conflicts, the trade between India and the Arab world continued to grow,” he said adding at present it stands at over USD 240 billion.
He also pointed out that 60% of Indian crude oil needs and 50% of fertilizers and related products are imported from the Arab world. “The Arab world is endowed with vast natural resources, especially oil, gas and fertilizers, which are vital for energy and food security,” he said. He also underlined the growing investments from both sides and a robust partnership with the Arab world that encompasses food, energy, financial services, healthcare, education, information technology, renewable energy, start-ups and infrastructure projects.
He also stressed the growing role of Indian economy globally. “India has emerged as the fastest growing major economy in the world, with our growth for the current year estimated to be at 7%. In a remarkably short period of time, we have risen from being the 10th largest economy in the world to being the 5th largest,” the minister said.
Muraleedharan noted that the current conference is a platform to further push the relationship between India and the Arab world to the next level, especially to boost business, trade and investment opportunities. The conference was attended by Assistant Secretary General of the Arab League Dr. Ali l-Maliki and other dignitaries. (KUNA)