While the FSB acknowledged “significant gaps” in how countries currently oversee crypto markets, it also praised the notable progress made since its 2023 recommendations, which aimed to align crypto regulations with mainstream financial standards.

The report underscores that the rapid growth of digital assets presents both opportunities and challenges, and that international cooperation is key to managing them effectively.

Building a Safer and More Transparent Financial Future

The FSB’s latest review reflects a proactive and constructive tone. Rather than warning of imminent threats, the organization highlights the importance of addressing inconsistencies in regulation to support a stable and transparent global crypto ecosystem.

“Financial stability risks remain limited at present,” said John Schindler, Secretary General of the FSB, in an interview with Reuters. “But as the crypto market grows, the need for consistent, cross-border rules becomes essential.

These crypto assets move easily across borders—more so than most traditional financial assets—so cooperation is crucial.”

The report comes amid a surge in cryptocurrency value, with the global market doubling to nearly $4 trillion over the past year. This rise, while remarkable, has also highlighted the need for stronger frameworks to ensure that growth is sustainable and that investors remain protected.

Stablecoins: The Next Frontier of Regulation

One of the FSB’s key areas of focus is stablecoins, digital assets typically pegged to traditional currencies like the U.S. dollar.

Although the stablecoin market remains smaller than the broader crypto sector, it has grown significantly — nearly 75% over the past year, reaching a value of just under $290 billion.

Stablecoins have become essential for the functioning of many digital transactions, serving as a bridge between crypto and traditional finance.

The FSB’s review found that while several jurisdictions have begun developing rules for stablecoins, many are still in early stages.

The FSB encourages all countries to establish comprehensive, transparent, and consistent frameworks to ensure that stablecoins are safe, reliable, and fully backed by tangible assets.

Schindler noted that U.S. regulations on stablecoins have already provided a foundation that other regions can learn from.

The European Union, Hong Kong, and the UK have also made progress toward implementing the FSB’s recommendations.

However, the organization emphasized that full international alignment will be essential to prevent regulatory loopholes and ensure a fair global playing field.

Strengthening Global Cooperation and Trust

The FSB reviewed 29 jurisdictions, including major economies such as the United States, the EU, the UK, and Hong Kong.

While not all countries have participated fully in the process, Schindler stressed that the ongoing dialogue remains valuable.

He noted that cooperation must continue to deepen, as the borderless nature of digital assets requires regulators to share information and coordinate policies effectively.

“We can all put in place frameworks,” Schindler explained, “but if some players aren’t cooperating, it becomes much more difficult. Crypto assets don’t observe borders — and that’s exactly why we must work together globally.”

The FSB’s latest findings come at a time when governments and institutions are increasingly focused on building a responsible and innovative financial ecosystem.

The collapse of major platforms such as FTX in 2022 served as a wake-up call, prompting reforms that have already improved transparency and investor confidence.

A Constructive Path Forward

The FSB’s report concludes with eight key recommendations to speed up the creation of comprehensive, globally consistent rules.

These include greater data sharing among regulators, closer monitoring of systemic risks, and alignment of national frameworks with international standards.

While the organization warns that risks could rise if left unaddressed, its tone remains forward-looking. The rapid expansion of crypto assets is viewed as an opportunity for the global financial system to evolve toward innovation with accountability.

As the FSB prepares to present its findings to G20 finance ministers, the message is clear: the world’s economies are entering a new phase of financial cooperation — one that balances innovation, transparency, and stability.

With global coordination and continued progress, the crypto sector can mature into a trusted pillar of the modern financial system, benefitting investors, consumers, and economies worldwide.

Choosing Jeddah wasn’t random—it’s a strategic signal.

Prime Minister Narendra Modi’s two-day trip to Saudi Arabia in April 2025 is more than just a diplomatic formality—it’s a pivotal moment in India’s West Asia strategy. What makes it even more significant is that Modi is the first Indian Prime Minister in over 40 years to visit Jeddah, the commercial heart of Saudi Arabia and a key gateway to Islam’s holiest cities. This move is loaded with both symbolic and strategic meaning, reflecting how India is reshaping its foreign policy priorities and deepening its bond with a critical regional partner.

Modi’s earlier visits to Saudi Arabia—in 2016 and 2019—took him to Riyadh, the political capital. But this time, the focus is on Jeddah. This city isn’t just an economic hub; it’s deeply tied to the spiritual journeys of millions of Muslims, including the vast number of Indian pilgrims who pass through its port on their way to Mecca and Medina. The last time an Indian PM visited Jeddah was Indira Gandhi in 1982, so Modi’s presence there ends a 43-year gap and sends a clear message: India is engaging with Saudi Arabia not just diplomatically, but culturally and historically too.

Why Jeddah?

Choosing Jeddah wasn’t random—it’s a strategic signal. Located along the Red Sea, Jeddah is crucial to Saudi Arabia’s trade and plays a key role in the Kingdom’s ambitious Vision 2030 economic diversification plan. By choosing to visit this city, Modi is aligning India’s long-term goals with Saudi Arabia’s, making it clear that India wants to be more than a customer for oil—it wants to be a partner in the Kingdom’s transformation.

Strategic Partnership Council: Moving from Talk to Action

A major highlight of this visit is the third meeting of the India-Saudi Strategic Partnership Council (SPC), co-chaired by Modi and Crown Prince Mohammed bin Salman (MBS). Since it was launched in 2019, the SPC has helped turn friendly ties into structured cooperation, operating across two main tracks: political-security-cultural and economy-investment.

This isn’t just about reviewing progress—it’s about launching new initiatives. Key areas on the agenda include green hydrogen, supply chains for critical minerals, defence manufacturing, and digital infrastructure. Both India and Saudi Arabia are economic powerhouses in the Global South and are members of the G20. Their partnership is increasingly relevant not just for regional affairs but on the world stage.

Defence Relations: No Longer Just for Show

One of the most striking shifts in India-Saudi relations is happening in the defence sector. What used to be limited to polite visits and symbolic gestures has transformed into meaningful military cooperation.

Take 2024, for example. That’s when the two countries held their first joint land military exercise, Sada Tanseeq, in Rajasthan. That same year, they also conducted a second edition of the naval drill, Al Mohed Al Hindi. Even more notable, in February 2024, India and Saudi Arabia signed their first-ever defence contract—a $225 million deal for artillery shells, involving India’s state-run Munitions India Limited (MIL). This deal included the export of advanced 155mm towed artillery guns.

These developments fit well with the broader vision on both sides. India’s “Make in India” push complements Saudi Arabia’s Vision 2030, which includes reducing dependency on Western arms suppliers by building up local defence industries. The partnership now extends beyond just equipment—it includes training, exchanges between military colleges, and high-level defence talks. In a region marked by tension and instability, especially around the Red Sea and Persian Gulf, this evolving defence cooperation marks India as a serious and steady strategic partner.

Energy: From Oil to Green Hydrogen

Energy is still the bedrock of India-Saudi ties, but the way both countries are approaching it is changing. While oil trade continues as a major pillar, there’s a big push toward green energy, especially green hydrogen.

During this visit, a Memorandum of Understanding (MoU) on green hydrogen is expected. This makes perfect sense—Saudi Arabia has vast solar energy potential, while India brings technological expertise and policy support for renewables. Together, they can lead the charge in clean energy innovation.

This collaboration isn’t just about national interests. It also helps both nations contribute to global climate action goals and cushions them against the volatility of traditional energy markets, especially with growing geopolitical tensions affecting global supply.

The Indian Community: A Vital Human Link

One of the strongest and most human dimensions of India-Saudi relations is the Indian diaspora. About 2.7 million Indians live and work in Saudi Arabia, making it one of the largest overseas Indian communities anywhere in the world. They’re not just workers—they’re a vital part of Saudi society and contribute significantly to India through remittances.

Modi plans to visit a Jeddah factory that employs Indian workers—a gesture that goes beyond symbolism. It’s a way of recognizing the role of Indians in building Saudi Arabia’s economy and underlining India’s commitment to its citizens abroad.

But there are also tough conversations to be had. Nearly a quarter of all Indian prisoners abroad are in Saudi Arabia. Although some agreements exist for prisoner transfers, very few have actually been repatriated. Indian Foreign Secretary Vikram Misri confirmed this issue would be “high on the agenda.” Making progress here could boost Modi’s domestic image and showcase a foreign policy that values human dignity alongside strategic interests.

A Region in Flux

Modi’s visit is happening against a backdrop of regional unrest. The Israel-Palestine conflict remains unresolved and increasingly volatile. Meanwhile, Houthi attacks in the Red Sea are putting global shipping routes at risk. These developments concern both India and Saudi Arabia—not only as regional stakeholders but as key players in global trade and energy supply chains.

Both Modi and MBS have built relationships with powerful global figures—U.S. President Donald Trump, Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelensky among them. This ability to maintain ties across a polarized international arena gives their partnership a unique edge, especially as the Global South looks for new leadership on issues like climate finance, economic justice, and peacebuilding.

The Bigger Gulf Picture: Revisiting the FTA

Another topic expected to come up is the long-discussed India-Gulf Cooperation Council (GCC) Free Trade Agreement. The GCC—comprising Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, and Oman—is a vital trade and energy region for India. An FTA would mean lower tariffs, better access to markets, and smoother labour mobility.

Negotiating such a deal is crucial as global trade dynamics shift post-pandemic and amid ongoing global tensions. For India, it’s about diversifying economic relationships and securing its trade routes—especially through a region where millions of Indians live and work.

More Than Optics

In essence, PM Modi’s 2025 Saudi Arabia visit isn’t just another stop on the diplomatic calendar. It’s a strategic recalibration that touches nearly every major aspect of India’s global ambitions—security, energy, trade, and people-to-people ties.

It signals that India and Saudi Arabia are stepping into a more mature, multifaceted relationship. What once revolved around oil and labor is now about mutual growth, resilience, and global impact. As the world becomes more unpredictable, partnerships like this—rooted in shared goals and diversified interests—could help shape a more stable and balanced international order.

He was speaking at the opening of a virtual summit of G20 nations, of which India holds the presidency before Brazil takes over next month.

Modi hosted the summit to review progress on policy suggestions and goals announced at the annual G20 summit organised in New Delhi in September, and to determine how to speed up progress towards objectives.

That meeting was overshadowed by Russia’s war in Ukraine although members overcame deep divisions over it to produce a consensus document and move forward on issues like overhauling institutions such as the World Bank.

Wednesday’s summit was attended by Russian President Vladimir Putin, Chinese Premier Li Qiang, Japan’s Fumio Kishida, Turkey’s Tayyip Erdogan, Canada’s Justin Trudeau, Australia’s Anthony Albanese and Brazil’s Luiz Inacio Lula da Silva, among others.

Modi’s comments on the Israel-Hamas war came as the two sides agreed a ceasefire in Gaza for at least four days, to let in aid and release at least 50 hostages captured by militants in exchange for at least 150 Palestinians jailed in Israel.

Modi told G20 leaders that “new challenges have emerged” for the world in the past few months.

“The situation of insecurity and instability in the West Asian region is a matter of concern for all of us,” Modi said. “It is necessary to ensure that the Israel-Hamas conflict does not become any form of a regional conflict.

“We believe that terrorism is unacceptable to all of us,” he continued. “Deaths of civilians anywhere is condemnable. It is important that humanitarian aid should reach in time and is uninterrupted.”

India has developed close, strategic ties with Israel since the 1990s but also has longstanding relations with Arab countries that enable large imports of oil for its fast-growing economy.

New Delhi has sought to balance these ties in its position on the Israel-Hamas conflict. India has also not blamed its old friend Russia for the Ukraine war, and stressed that conflict should be resolved through dialogue and diplomacy.

The Kremlin said on Monday that Putin would set out Russia’s view of what it sees as the “deeply unstable world situation” when he addresses the virtual G20 summit.

Russian state TV presenter Pavel Zarubin said this would be the “first event in a long time” that includes both Putin and leaders in the West, which has imposed heavy sanctions on Russia over its invasion of Ukraine.

Speaker Raymonde Gagne will not be present at the two-day parliamentary speakers’ summit that starts on Friday, as part of India’s year long presidency of the Group of 20 (G20) major economies, which expires in November.

“We invite all members for G20 events. Participation is their decision and subject to a number of factors,” said Indian foreign ministry spokesperson Arindam Bagchi.

“I’ll have to check whether anybody is actually attending from Canada because the parliament speaker could not attend.”

The Canadian senate did not immediately respond to a request for comment from Reuters.

Indian media cited India’s lower house speaker as saying Canada would be represented by the Senate speaker.

Tensions between India and Canada have escalated after Canadian Prime Minister Justin Trudeau publicly levelled suspicions last month that New Delhi’s agents were involved in the murder of Hardeep Singh Nijjar, who was shot dead by unidentified gunmen on June 18 in a Vancouver suburb.

India dismissed the allegation as absurd and both countries expelled a diplomat. India also suspended issuing new visas for Canadians and asked Ottawa to reduce its diplomatic presence in India.

Bagchi said that India is in touch with Canada at “various levels” and remained “committed to ensuring parity” on Canadian diplomatic presence.

The IMEC is also expected to strengthen Saudi-Indian relations, which have already been gaining momentum, particularly during India’s presidency of the G20.

The recently announced Saudi-backed India-Middle East-Europe Economic Corridor (IMEC) is poised to be a “game changer” for New Delhi, offering unprecedented access to global markets, according to experts.

The deal establishing the IMEC was signed by Saudi Arabia, the US, the EU, India, the UAE, France, Germany, and Italy last week and was announced by Crown Prince Mohammed bin Salman during the G20 Summit in New Delhi.

Spanning 4,800 kilometers, the IMEC aims to stimulate economic development and integration through two distinct routes. The east corridor will connect India to the Arabian Gulf, while the northern corridor will link Gulf states to Europe. The trade route will facilitate the transit of goods, services, and also enable electric and digital connectivity. Additionally, it will include infrastructure for the export of clean hydrogen.

Manish Mohan, senior director for international affairs at the Confederation of Indian Industry, described the IMEC as a historic agreement and a genuine game changer. He highlighted how the corridor provides alternative trade routes to the thriving markets of the Middle East and Europe while extending India’s reach to North Africa and North America.

The ship-to-rail transit system of the IMEC is expected to reduce shipping costs and expedite transit times, facilitating cross-border movement of goods and services. The project is anticipated to have a significant impact on the region by integrating it into a global value chain and benefiting multiple countries.

Subhrakant Panda, president of the Federation of Indian Chambers of Commerce and Industry, emphasized the transformative potential of the IMEC in revolutionizing trade, promoting clean energy, and driving digital innovation. He highlighted the corridor’s role in stimulating economic growth, job creation, and reducing greenhouse gas emissions.

The IMEC is also expected to strengthen Saudi-Indian relations, which have already been gaining momentum, particularly during India’s presidency of the G20. The trade route is likely to enhance ties between India and its Gulf ally, the UAE, in addition to offering new opportunities for trade, energy collaboration, and infrastructure development.

Mohammed Soliman, strategic technologies director at the Middle East Institute in Washington, D.C., noted that the IMEC signifies a deepening relationship between India and the Middle East, with the convergence of the two regions into West Asia. He highlighted the potential for economic integration and diversification of partnerships for Saudi Arabia and the UAE beyond their roles as energy producers. The IMEC underscores the growing economic and strategic convergence between India and the Middle East.

With the IMEC’s eight signatories representing around half of the world’s economy, the transcontinental project is also expected to have geopolitical implications. Soliman explained that while the IMEC aims to enhance trade and infrastructure connectivity across the Eurasian rimland, it also seeks to reshape the balance of power in Eurasia.

While comparisons have been drawn between the IMEC and China’s Belt and Road Initiative, Soliman pointed out that the IMEC offers participating countries autonomy and does not present a strict binary choice between China and the United States. Saudi Arabia, the UAE, and India, all members of BRICS Plus, maintain strong ties with China. Therefore, the IMEC should be viewed as a distinct initiative that provides an alternative model for connectivity with a focus on autonomy and diversified partnerships.

Modi’s contribution to India’s rising global stature will be a key theme of a special five-day parliament session beginning next week

The weekend G20 summit was India’s big moment on the world stage, giving the country an opportunity to work on global issues and providing Prime Minister Narendra Modi a chance to present his credentials as a global statesman.

Although some analysts said the meeting showed few concrete results, his Bharatiya Janata Party (BJP) is now cashing in on Modi’s enhanced image ahead of a series of state elections and national elections due by May 2024.

In the run-up to the summit, Modi’s face was plastered on G20 hoardings across the country. During the meeting last weekend, local television channels had wall-to-wall coverage of Modi with world leaders, including U.S. President Joe Biden, and the praise that was showered on him for a successful meeting.

The BJP peppered its social media platforms with messages of praise from world leaders.

The summit declaration papered over key differences and had few breakthroughs in critical areas such as debt and climate change but for a popular leader with a long-dominant lead over his political rivals, these are diplomatic intricacies that matter little in domestic politics, analysts said.

India’s successful mission last month to land a spacecraft on the moon is another factor that feeds into the country’s feel-good image and gives Modi a fillip, they said.

The opposition Congress party has criticised Modi for turning G20 into an election campaign, charging him with promoting dialogue and peace on the international stage while his Hindu nationalist administration “discriminates against religious minorities and quashes dissent”, charges the government has denied.

But analysts say Modi’s political position is so strong there is little risk of the strategy backfiring.

“The message which has gone out is that India has really emerged very strong in the world,” said Sanjay Kumar, psephologist at New Delhi’s Centre for the Study of Developing Societies.

“And it’s only because of Modi. The narrative is the national pride of an average Indian has gone up,” he said.

Modi enjoys high approval ratings and surveys suggest he will easily win the general election and a third term next year.

The BJP plans to highlight the “success of the summit” during fortnight-long celebrations of Modi’s birthday starting on Sunday, a party official said.

Modi’s contribution to India’s rising global stature will be a key theme of a special five-day parliament session beginning next week, the official said.

National Pride

“It’s really a fact that India’s image has transformed under Prime Minister Modi,” BJP vice president Baijayant Jay Panda told Reuters.

Modi, who turns 73 on Sunday, swept to power in 2014 promising stability and change from what he called the long-ruling Congress party’s corruption and poor governance.

He consolidated his win with welfare economics, boosting infrastructure and unabashed Hindu nationalism, winning a second term in 2019 with a bigger majority.

Modi often underlines national pride in his speeches, which resonates with a large section of the people that has been aggrieved about India’s portrayal in Western media as a poor country, analysts said.

“Every small thing counts when a narrative of national pride is being built,” said Yashwant Deshmukh, a psephologist with the C-Voter agency.

According to C-Voter’s biannual “Mood of the Nation” survey in India Today magazine last month, 47% said India’s G20 presidency will enhance the country’s global stature and 73% said it will be a poll plank in 2024.

Former Congress prime minister Manmohan Singh, who Modi replaced, said: “While India’s standing in the world should rightfully be an issue in domestic politics, it is equally important to exercise restraint in using diplomacy and foreign policy for party or personal politics.”

The Canadian leader’s struggles at the summit were brought to the forefront by Pierre Poilievre, the leader of Canada’s Conservative Party and a potential successor to Trudeau.

Poilievre did not mince words when he criticized the treatment Trudeau received, describing him as being “repeatedly humiliated and trampled upon by the rest of the world”.

While there was a touch of political jest in Poilievre’s comments, he underscored the sentiment that Canadians, regardless of their political affiliations, would not want to witness their prime minister subjected to such treatment on the global stage.

“Putting partisanship aside, no one likes to see a Canadian prime minister repeatedly humiliated and trampled upon by the rest of the world”, Poilievre remarked on social media, accompanying his comments with a Toronto Sun clipping capturing a moment between Trudeau and Indian Prime Minister Narendra Modi during the summit.

The photograph in question depicted Trudeau and Modi engaged in a handshake, but the body language between the two leaders seemed distant and somewhat detached. While Trudeau faced the camera, Modi’s attention was directed elsewhere, pointing to something outside the frame.

Numerous reports from the summit suggested that Trudeau, who has been in office since 2015 and is currently serving his third term, received considerably less attention from world leaders compared to his counterparts.

Leaders such as Saudi Crown Prince Mohammed Bin Salman, U.S. President Joe Biden, UK Prime Minister Rishi Sunak, and Japanese Premier Fumio Kishida held bilateral meetings with host Narendra Modi on the sidelines of the summit. In contrast, Canada was reportedly granted only a “pull-aside” meeting, indicating a lack of prominence in the global discussions.

During their interaction, Prime Minister Modi raised concerns about Khalistani extremism in Canada and the threats of violence against Indian diplomats posed by Khalistani extremists.

Adding to the challenges faced by the Canadian delegation, their planned departure was unexpectedly delayed due to a “technical snag” detected in their aircraft before takeoff. This unplanned extension of their stay in India further underscored the sense that Trudeau’s visit had been fraught with difficulties.

Trudeau’s experiences at the G20 Summit have prompted conversations about Canada’s diplomatic standing and the evolving dynamics of its international relations. As the Canadian leader navigates these challenges, Canadians and the global community will be closely watching to see how these issues are addressed in the weeks and months ahead.

Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud held extensive talks with Prime Minister Narendra Modi and co-chaired the first meeting of the India-Saudi Arabia Strategic Partnership Council (SPC) during his three-day visit to India.

During the discussions, Prime Minister Modi emphasized the paramount importance of the India-Saudi Arabia partnership, stating that it is “crucial for the stability and welfare of the region and the world”. He also noted that the relationship between the two nations is evolving in line with changing times.

The visit marked a “new chapter” in India-Saudi Arabia relations, as Prime Minister Modi welcomed the Saudi Crown Prince at the Hyderabad House for bilateral discussions.

The SPC, formed in October 2019 during PM Modi’s visit to Riyadh, comprises two committees: the Committee on Political-Security-Social & Cultural Cooperation and the Committee on Economy and Investment. Today’s talks build upon the ministerial meetings held by these committees in September 2022 in Riyadh.

Crown Prince Mohammed bin Salman arrived in Delhi on Saturday, combining his attendance at the G20 Summit with a state visit to India. He received a ceremonial reception at the forecourt of Rashtrapati Bhavan, where President Droupadi Murmu and Prime Minister Modi greeted him.

During the reception, the Crown Prince inspected a combined defense services Guard of Honor and congratulated India for a successful G20 presidency.

The G20 Leaders’ Summit saw India, Saudi Arabia, the United States, and the European Union announce a historic agreement to launch a mega India-Middle East-Europe shipping and railway connectivity corridor, further strengthening regional economic ties.

Simultaneously, the Indian-Saudi Investment Forum is being held in New Delhi on the sidelines of the official state visit, showcasing the economic potential and opportunities for collaboration between the two nations.

As India and Saudi Arabia continue to deepen their strategic partnership, the world watches with anticipation as this relationship takes on new dimensions in an ever-changing global landscape.

India’s engagement with Middle Eastern Muslim countries has been effective in avoiding antagonism.

As world leaders gathered in New Delhi for the G20 summit, India made a significant mark in the history of the forum by inviting the largest number of Middle Eastern countries ever to participate as guests. While Saudi Arabia and Turkey are already members of the Group of 20 largest economies, it was only in 2008, when the annual leaders’ summit was initiated, that non-member Middle Eastern countries were included.

During their presidency or as host nations, G20 members have the authority to invite non-member countries to attend various meetings, including ministerial, sherpa, working group sessions, and the leaders’ summit. These invitations serve to enhance the legitimacy of the G20 and promote global outreach, with different non-member countries invited each year.

Under India’s presidency, non-member Arab countries have enjoyed unprecedented representation, participating in ministerial, sherpa, and working group meetings throughout the year. They were also present at the leaders’ summit held on Saturday and Sunday.

India extended invitations to nine non-member countries, including Egypt, Oman, and the UAE. Dr. Hasan T. Alhasan, a research fellow for Middle East policy at the International Institute for Strategic Studies, explained that the UAE, Oman, and Egypt are India’s closest economic and defense partners in the Middle East, making their invitations unsurprising. This move allows India to showcase its global influence to its Middle Eastern partners and highlight the breadth of its partnerships to other G20 member states.

India has established strong ties with the Middle East, particularly with Saudi Arabia. However, by engaging its three other major Middle Eastern partners, India demonstrates the importance it places on these relationships, not just in terms of foreign policy but also in economic and defense cooperation. Prime Minister Narendra Modi’s administration has prioritized relations with Gulf Cooperation Council (GCC) countries over the past nine years, emphasizing security, defense cooperation, and energy security.

India is the third-largest oil market for the GCC, sourcing about one-third of its oil from the bloc’s six states. Additionally, half of India’s liquefied natural gas comes from Qatar, the UAE, and Oman. Given India’s projected significant share of global oil demand growth by 2045, GCC oil exporters are keen on securing a long-term share of the Indian oil market. At the same time, India seeks to strengthen political relations with GCC oil and gas exporters to ensure a stable supply of energy and mitigate geopolitical shocks.

The Middle East holds vital interests for India, as evidenced by the significant number of Indian nationals living and working in Gulf countries. Approximately 9 million Indians currently reside in Saudi Arabia, the UAE, Kuwait, Qatar, Oman, and Bahrain. This Indian workforce, along with energy cooperation, forms a crucial pillar of India’s collaboration with Arab states. There is potential for further cooperation in areas such as food security and attracting investment from Gulf countries to India.

India’s engagement with Middle Eastern Muslim countries has been effective in avoiding antagonism. For instance, India refrained from participating in the 2003 American attack on Iraq to maintain favorable relations with Arab states. Furthermore, India’s increased Middle Eastern engagements through the G20 present an opportunity to strengthen ties vis-a-vis its regional rival, China. As tensions between Delhi and Beijing escalate, India aims to solidify its partnerships in the Middle East, focusing on geoeconomics, regional connections, economic collaboration, and military cooperation, particularly with traditional US partners in the region.

India’s emphasis on enhancing Middle Eastern-Indo relations aligns with the region’s pursuit of new projects, economic opportunities, technologies, and political alliances worldwide. As India uses the momentum of the G20 to build its geopolitical framework, it seeks to position itself competitively against China and establish itself as a key player in the Middle East.

Russia quit the deal in July, a year after it was brokered by the United Nations and Turkey, complaining that its own food and fertiliser exports faced obstacles and insufficient Ukrainian grain was going to countries in need.

Russia, Ukraine and Turkey are going to continue to discuss the grain deal, Erdogan added.

Russia is willing to send free grain to poorer countries, which Turkey favours, he told reporters, adding that Qatar had also agreed

Erdogan said he was not “hopeless” about reviving the grain deal.

The Turkish president also held talks with Japanese Prime Minister Fumio Kishida at the sidelines of the G20 summit regarding efforts to revive the deal, two sources with knowledge of the matter said, without giving further details.