RIYADH, 17 August 2005 — The next round of talks for finalizing the Double Taxation Avoidance (DTA) agreement will be held in Riyadh from Sept. 11 to 14 following the previous ones that took place in New Delhi in January last year.
Krishan Kumar, minister at the Indian Embassy, told Arab News that a Saudi delegation would visit New Delhi for two-day talks on Sept. 29 and 30 to conclude the Bilateral Investment Protection and Promotion Agreement (BIPPA) between the two countries. The last such meeting was held in New Delhi on Jan. 9 and 10, 2004. Currently, there are 82 Saudi-Indian joint ventures valued at $467 million in the Kingdom and 49 ventures worth $ 229 million in India. The aim of the talks in the two capitals is to avoid double taxation in both countries and put in place measures to safeguard and promote investments between the two countries.
Kumar said India and Saudi Arabia signed the bilateral agreement in June last year which is required under the provisions of the World Trade Agreement (WTO). This enables WTO member states to gain market access for industrial and agricultural products besides boosting inward and outward remittances, the minister said, adding that India supports the Kingdom’s accession to the WTO. Asked about the invitation to Custodian of The Two Holy Mosques King Abdullah to visit India, which was made and accepted when he was crown prince, Kumar said the invitation still stands. The king is expected to begin his foreign trips with tours of Gulf and Arab states before visiting others outside the region. The minister welcomed the opportunity that the king’s visit would provide for both countries to further strengthen their relations and said it reflected India’s economic power in south Asia.
