Mashable: Such increase in trade highlights the mutual dependence of the countries.

Saudi Arabia's trade with G20 nations amounted to $421 billion in the previous year, and the Kingdom is actively seeking to enhance its economic ties with key partners, reports Arabian Business.

Saleh Eid Al-Hussaini, the Saudi Ambassador to India, highlighted Saudi Arabia's vital role in the G20, underscoring its integral contribution to global economic growth and prosperity.

Ambassador Al-Hussaini emphasized the importance of Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud's visit to India for the G20 Leaders Summit, indicating its significance in strengthening international cooperation.

He highlighted the long-standing and profound ties between Saudi Arabia and India, noting the substantial progress made since 2019. This progress is exemplified by the creation of the Strategic Partnership Council, co-led by the Crown Prince and the Prime Minister of India.

#VIDEO: In a historic announcement during the #G20 Summit in New Delhi, #Saudi Crown Prince Mohammed bin Salman unveiled the signing of a memorandum of understanding to establish an economic corridor connecting India with the Middle East and Europe. pic.twitter.com/RnullneclK

— Saudi Gazette (@Saudi_Gazette) September 9, 2023
Al-Hussaini stressed the economic significance of both nations within their respective regions and on a global scale. He also underlined the synergy between their economies and their joint dedication to realising ambitious visions for their cooperation.

These factors offer ample opportunities for trade, investment, and technology transfer, and play vital roles in global economic security, energy, and food security.

The Kingdom is India's fourth-largest trading partner, and India stands as the Kingdom's second-largest trading partner.

#WATCH | #G20 in #India | #Delhi: Several MoUs were signed between India & Saudi Arabia in Delhi under India-Saudi investment deal. pic.twitter.com/M9X84YyrVL

— The Times Of India (@timesofindia) September 11, 2023
Trade between both countries has surged by 50% to $53 billion from $35 billion in 2021, highlighting their mutual dependence on various supply chains. Saudi Arabia is a key source of India's imports like oil, petrochemicals, and fertilizers, ensuring global energy security. In return, India contributes to food security and foreign transfers, and its workforce in Saudi Arabia enhances labour market dynamics.

#SaudiArabia’s pivotal role in the #G20 as outlined by prominent journalists and researchers. #G20India pic.twitter.com/GzWeFHpIgX

— CIC Saudi Arabia (@CICSaudi) September 10, 2023
Ambassador Al Hussaini emphasized Saudi Arabia's global influence, as it's among the world's major economies and the sole Middle East member of the G20.

The G20 serves as a crucial global platform for tackling economic challenges. India's upcoming G20 summit in 2023 is significant, given its impressive 2022 economic growth, making it one of the world's most populous countries and the fifth-largest economy.

#BREAKING: President Biden speaks at #G20 panel on the Partnership for Global Infrastructure and Investment, and gives particular thanks "the Crown Prince of Saudi Arabia," among others. pic.twitter.com/6nAg104wky

— Forbes (@Forbes) September 9, 2023
Ambassador Al Hussaini mentioned that trade between Saudi Arabia and G20 countries in 2022 reached $421 billion. The G20 collectively represents 85% of the global GDP, houses 60% of the world's population, and accounts for 75% of global trade volume. This highlights their vital role in promoting economic growth, and stability and addressing global economic challenges.