India and Saudi Arabia have concluded negotiations on a bilateral investment treaty, in a major step to deepen economic ties between the two countries.

Finance Minister Nirmala Sitharaman met Saudi Finance Minister Mohammed Aljadaan on Monday on the sidelines of the AIIB 2026 annual meetings in Doha, where the two sides announced the conclusion of the treaty negotiations. Indian ambassador Vipul separately met the Shura Council Speaker on Monday to discuss parliamentary cooperation.

The treaty is expected to give investors from both countries stronger protection and boost capital flows in sectors such as energy, infrastructure and technology. Saudi Arabia is among India’s largest trading partners and a key source of crude oil.

Officials said the two ministers also discussed global economic developments and ways to expand cooperation under the two countries’ strategic partnership. Further details of the treaty are expected to be released after the formal signing. Trade between the two countries has grown steadily in recent years, and officials on both sides have described the relationship as a defining partnership for the region’s economic future.