In the new emerging global scenario, nations, big and small, are entering into new partnerships and alliances to strengthen their power base and to create new sets of opportunities. Today, India is the second largest importer of oil from Saudi Arabia (USD 25.6 billion), only behind China (USD 48.7 billion). A traditional US ally, Saudi Arabia has established close ties with China which is currently the largest importer of its oil. We also need to create new partnerships and alliances, for now with groups sans India. The potential addition of China, Saudi Arabia and the UAE to the ECO could make it a formidable economic group.

Source: The Nation October 24, 2023 03:07 UTC