NEW DELHI: India and Saudi Arabia have held discussions on the feasibility of institutionalising Rupee-Riyal trade, and introduction of UPI and Rupay cards in the Kingdom, the Commerce Ministry said on Monday, 19th September. These issues, among others, were discussed during the visit of Commerce and Industry Minister PiyushGoyal to Riyadh during September 18-19.

He attended the ministerial meeting of the India-Saudi Arabia Strategic Partnership Council.

Goyal and Saudi Minister for Energy Prince Abdulaziz bin Salman Al-Saud co-chaired the ministerial meeting of the Committee on Economy and Investments of the council.

"Diversification and expansion of trade and commerce, removal of trade barriers... automatic registration and marketing authorization of Indian pharma products in Saudi Arabia, feasibility of institutionalizing Rupee-Riyal trade, introduction of UPI and Rupay cards in Saudi Arabia; were amongst the key points of discussion," it said.

During a CEO Roundtable with businessmen in Saudi Arabia, talks focused on increasing exports from India, and facilitating inward investments into India, it added.

In a separate meeting, the Minister held discussions on a wide range of topics such as institutional tie-up of the Export – Import Banks of the two countries, joint projects in third countries, mutual recognition of standards, and collaboration in infrastructure development.