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The Joint Commission for Economic, Trade, Scientific, Technical and Cultural Cooperation
(JCM) between India and Saudi Arabia was established in 1981 held its sixth session
in Riyadh on April 12, 2005. Finance Minister Shri P. Chidambaram led a five member official delegation and a 19-member business delegation from FICCI and the Saudi
side was led by Minister of Economy & Planning & Acting Minister of Commerce
& Industry, Mr. Khaled M. Al-Gosaibi. During the visit, a MoU on the establishment
of Joint Business Council between Council of Saudi Chambers of Commerce & Industry
(CSCCI) and Federation of Indian Chambers of Commerce & Industry (FICCI) was
signed. |
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The Indo-Saudi Joint Business Council (JBC) was established in 1997 during the meeting
of JCM held at New Delhi. FICCI signed a fresh MoU to establish the Joint Business
Council between the Council of Saudi Chambers of Commerce and Industry (CSCCI) and
Federation of Indian Chambers of Commerce and Industry during the 6th Session of
the JCM, held in Riyadh on April 12, 2005.
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India and Saudi Arabia concluded a Bilateral Accession Agreement on Saudi Arabia's
accession to the WTO on 16 June 2004 at Geneva. The Agreement included agreed tariff
schedules on items of export interest for India in the Saudi Arabian market as well
as Saudi Arabia's market access commitments in services sectors of interest to India. |
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The Council for Scientific & Industrial Research (CSIR) and the Saudi Arabian
Standards Organisation (SASO) have an ongoing programme of technical cooperation
(POC) since June 1993.
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National Physical Laboratory has provided expertise and technology for two important
SASO projects related to calibration and teleclock system. |
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CSIR and the King Abdulaziz City for Science and Technology (KACST) signed a Memorandum
of Understanding for bilateral cooperation in 1997 and have an ongoing programme
of cooperation, particularly in the field of space science, remote sensing and installation
of internet.
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During the recent visit of His Majesty King Abdullah
bin Abdul Aziz Al-Saud the King of Saudi Arabia to India (Jan. 24-27, 2006) both countries signed Bilateral
Investment Protection and Promotion Agreement (BIPPA) and Double Taxation Avoidance
Agreement (DTAA) on 25th January 2006.
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The broad intent of BIPPA is to promote and protect investments from either country
under Article 1 “investment” is defined as every kind of asset including Intellectual
Property Rights (IPRs) in accordance to the laws and regulations of the country
in which the investment is made. These agreements would provide the legal and institutional
framework for giving a boost to bilateral trade and investment between the two countries.
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