India, Saudi weigh local currency trade

India and Saudi Arabia have begun discussions on trading in national currencies, officials from the ministry of external affairs said after a visit by Saudi Crown Prince Mohammed Bin Salman.

- Shashank Mattoo

The idea was currently in the “discussion stage", said Ausaf Sayeed, secretary in the ministry.

“The Saudi side is aware that we have worked out similar arrangements with other countries in the region. So, the discussions will be beginning or have already begun," he added.

India conducts trade in national currency with the UAE.

The sides also agreed to expedite talks on a free trade agreement (FTA) between India and the Gulf Cooperation Council (GCC), a six- nation grouping that includes Saudi Arabia. The ministry said delays had been caused by the lack of a chief negotiator on the GCC side, which has been resolved.