New Delhi, Jul 11 (PTI) Union Minister V Muraleedharan on Tuesday shared India's commitment to spotlight the priorities, perspectives and concerns of the developing nations, including the Arab world, during its G20 Presidency.

The minister of State for External Affairs said despite the challenging global context, trade between India and the Arab world has escalated, currently standing at over USD 240 billion.

Also Read | Public Health Groups Urge GST Council To Raise Compensation Cess on Tobacco Products.

He emphasised the Arab world's significant contributions to India's energy and food security, providing approximately 60 per cent of India's crude oil imports and over 50 per cent of its fertiliser needs.

Addressing the India Arab Partnership Conference organised by Ficci, the minister said shared cultural heritage through linkages of language, customs, and traditions continue to lend energy to the historical bond between India and the Arab nations.

Also Read | Net Direct Tax Mop-Up Grows 16% to Rs 4.75 Lakh Crore So Far This Fiscal.

"The Arab world is indeed a part of India's extended neighbourhood. Our shared views on major international developments, strong economic and commercial relations, and deep people-to-people ties form the foundation of our relations," he added.

Khalid Hanafi, Secretary General at Union of Arab Chambers (UAC), emphasised the strength of the existing relations between India and the Arab world, and proposed the need to build upon these foundations, shifting the focus from merely an exchange of goods and services to a more strategic partnership and unity.

He underscored the need to establish a payment system between India and the Arab world.

Hanafi also advocated for a transition from traditional goods to the 4th Industrial Revolution and digital technology applications in agriculture and the management of supply chains.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)