India, Saudi Arabia discuss Rupee-Riyal trade, UPI payment system

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.These issues, among others, were discussed during the visit of Commerce and Industry Minister Piyush Goyal 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.Goyal also discussed various issues with Prince Abdulaziz bin Salman Al Saud.”Discussed how energy security with climate change sensitivity can deliver economic growth and prosperity,” the Indian minister has tweeted.