Since the 1990s, India's economic liberalisation has helped bolster trade with Saudi Arabia, which annually supplies to India nearly 175 million barrels (25 million metric tonnes) of crude oil, or a quarter of its needs.[1] In 2006–07 bilateral trade stood at US$16 billion (US$3 billion excluding oil) and is expected to double by 2010.[19][20] India's current exports to Saudi Arabia stand at US$2.6 billion, while Saudi Arabia's exports are in the range of US$13.4 billion (US$1.2 billion excluding oil).[19][20] India's major exports include basmati rice, textiles and garments and machinery, while it imports organic and inorganic chemicals, metal scrap, leather, gold and oil from Saudi Arabia.[19][20] Both nations are expected to expand trade and cooperation and joint ventures in telecommunications, pharmaceuticals, health services, information technology, biotechnology, agriculture, construction projects, energy and financial services.[4][19][20] Both countries agreed to launch joint ventures for developing gas-based fertiliser plants in Saudi Arabia.[16][19] India agreed to set up institutes of higher education and research, provide educational opportunities in India for Saudi Arabian students and expand cooperation between India's Council of Scientific and Industrial Research and the Saudi Arabian Standards Organisation (SASO).[16][19]