World Economic Forum 2023: The World Economic Forum 2023 is going on in Davos, Switzerland. Saudi Arabia has also participated in this. During this, Saudi Arabia has taken a big decision regarding the trade deal. The Finance Minister of Saudi Arabia has informed that his country will talk about doing business in currency other than the US dollar.
Saudi Arabia’s Finance Minister Mohammad Al-Jadaan said during an interview to Bloomberg TV on Tuesday (January 17) that we do not have any problem in doing business in other currency and do not refrain from talking about it.
depends on us
Mohammed Al-Jadaan said that we can use US Dollar, Euro or Saudi Riyal. It depends on us in which currency we want to do business. I don’t think we’re eliminating or dismissing any discussion about the process of making trade better in the world.
Although India has signed a Free Trade Agreement (STF) with the Gulf country UAE in February 2022 to strengthen bilateral business and economic relations. Even before this, India’s Trade Minister Piyush Goyal has talked about improving relations through business. He has also talked about improving mutual relations with Saudi Arabia with the help of business.
need to bring dynamic change
Saudi Arabia’s Trade Minister Majid bin Abdullah Kasbi had said in a meeting last year that there is a need to bring dynamic change in mutual trade to strongly promote economic relations between India and Saudi Arabia. Anyway, India is the third largest economy in Asia and fifth in the world. Because of this, India has stabilized the rupee as a system in business transactions at the international level. According to a report, India is the fourth largest country doing business with Saudi Arabia. Apart from this, Saudi Arabia occupies the first, second and third places in doing business with America, China and UAE. This can also help a lot in increasing the business level of India.