India and Saudi Arabia are negotiating a Bilateral Investment Protection Agreement (BIPPA) and considering a proposal for a Double Taxation Avoidance Agreement (DTAA) to promote investment and joint ventures. "Negotiations for BIPPA are at an advance stage and a final decision is expected at the next session of the Indo-Saudi joint commission for economics, trade, scientific, technical and cultural cooperation, scheduled to be held in Riyadh shortly," Indian officials said in Riyadh on Friday.
"A proposal for DTAA was also under active consideration of the two countries," they said.
Trade and economic cooperation would dominate discussions between External Affairs Minister Jaswant Singh, who arrives in Riyadh on Friday, and the Saudi leadership.
Saudi Arabia, the largest supplier of crude oil to India and an important trading partner, is trying to woo Indian investors in a big way.
"India has substantial trade relations with the kingdom in the non-crude sector and sees it as a crucial economic partner in investment, joint ventures and transfer of technology projects," the officials said.
Bureau Report