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Saudi Crown Prince, Indian PM Attend Saudi-Indian Strategic Partnership Council

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
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Saudi Crown Prince, Indian PM Attend Saudi-Indian Strategic Partnership Council

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, met on Monday with Prime Minister of India Narendra Modi at the Hyderabad House in New Delhi to discuss ties and cooperation in various fields, and to review regional and international topics of common interest.

At the Saudi-Indian Strategic Partnership Council that he later attended, Crown Prince Mohammed thanked the president for the warm welcome, highlighting the long-standing relationships India has with the Arab world, particularly with Saudi Arabia, and the cooperation that helps the two sides build a brighter future.

"There has been no dispute throughout this relationship's history, but certainly, there is cooperation to build the future for our countries and create opportunities," he said, hoping that the items and promising targets on the agenda of the Council will be brought to fruition through collaboration in all sectors.

The Crown Prince praised the Indian government for "managing the G20 file", and the initiatives adopted by the G20, "including the establishment of the economic corridor connecting India, the Middle East and Europe", many of which "have become a reality through our hard work and dedication".

He also commended the Indian community, which constitutes 7% of the population of Saudi Arabia, for its significant contribution to the economic growth of the Kingdom, saying that "we consider them a part of us. Through this council, we hope to meet the aspirations of our peoples."

For his part, Modi said he is looking forward to strengthening the partnership with Saudi Arabia in various fields.

Taking part in the Strategic Partnership Council's meeting were Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, Minister of State, member of Cabinet, and National Security Adviser Dr. Musaed bin Mohammed Al-Aiban, and Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi.

The meeting also included Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley, Minister of Investment Eng. Khalid Al-Falih, Minister of Finance Mohammed Al-Jadaan, Minister of Communications and Information Technology Eng. Abdullah Al-Swaha, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, Advisor at the Royal Court Muhammad bin Mazyad Al-Tuwaijri, the Crown Prince's Secretary Dr. Bandar bin Obaid Al-Rasheed, and Saudi Ambassador to India Saleh bin Eid Al-Hussaini.

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Facing Market Pain, UK’s Reeves Says ‘Pragmatic’ China Ties Will Help Growth

British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
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Facing Market Pain, UK’s Reeves Says ‘Pragmatic’ China Ties Will Help Growth

British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)
British Chancellor of the Exchequer Rachel Reeves looks on during the 11th China - UK Economy and Finance Dialogue in Beijing, China, 11 January 2025. (EPA)

British finance minister Rachel Reeves, facing criticism for travelling to China during financial market turmoil at home, said on Saturday that "pragmatic and predictable" relations with Beijing would help boost economic growth and trade.

Under pressure from a sharp rise in British interest rates, Reeves defended her budget at the start of the two-day visit to China, where she is seeking to revive high-level economic and financial talks that have been frozen for nearly six years.

"The fiscal rules that I set out in my budget in October are non-negotiable, and growth is the number one mission of this government to make our country better off," Reeves told reporters at a Brompton bicycle shop in Beijing.

"That's why I'm in China to unlock tangible benefits for British businesses exporting and trading around the world to ensure that we have greater access to the second-largest economy in the world."

The rise in British government borrowing costs, due in part to a global bond selloff, prompted comparisons with the 2022 "mini-budget" crisis that forced then-Prime Minister Liz Truss out of Downing Street.

However, this week's market moves have been less sharp and there has so far been no evidence of the strain on institutional investors that forced the Bank of England into emergency bond purchases in 2022.

On trade, asked whether Britain would follow Washington and Brussels in imposing tariffs on Chinese electric vehicles, Reeves, who will be in Shanghai on Sunday, said: "We keep issues under review but we make decisions in our national interest."

British car manufacturers, "like Jaguar Land Rover, export substantially to Chinese markets, and we want to help them to grow."

After her bicycle shop visit, Reeves met Vice President Han Zheng, telling him it was "important to have open and frank dialogue in areas where we agree, but also in areas where we have different views."

'COMMON GROUND'

Her delegation, which includes Bank of England Governor Andrew Bailey, Standard Chartered Chairman Jose Vinals, and HSBC Chairman Mark Tucker, then met Chinese counterparts led by Vice Premier He Lifeng.

He urged British financial firms to expand renminbi services and promote deeper yuan internationalization, while inviting them to participate in green finance and the pension industry in China.

Reeves said she looked forward to China issuing its first overseas sovereign green bond in London this year.

Her visit follows a dialogue opened last year between Prime Minister Keir Starmer and President Xi Jinping, the first between the two countries' leaders since 2018.

Reeves told He that Russia's invasion of Ukraine, rising geopolitical tensions and climate change meant that they faced a much more challenging environment than when their predecessors last met.

"It is important to prevent economic leaps weakening our national security and economic resilience," she said, adding both she and He wanted to "find common ground" in this regard.

He said Beijing will work with London to ensure a fair, non-discriminatory business environment for each country's firms.

The approach adopted by Starmer's Labor government, elected in July, contrasts with that of the previous Conservative administration, which took a robust path to differences with China - particularly over human rights, Hong Kong and allegations of Chinese espionage.

Starmer has long described his desire to build a relationship with China that is "rooted in the UK's national interests" by boosting trade, a task that may become more difficult if US President-elect Donald Trump follows through on his threat to impose tariffs on all imports.

China is Britain's fourth-largest trading partner, accounting for goods and services trade worth almost 113 billion pounds ($138 billion).