India’s exports to the GCC member countries grew by 58.26 per cent to about USD 44 billion in 2021-22, as against USD 27.8 billion in 2020-21, according to data from the commerce ministry. The share of GCC members in India’s total imports rose to 18 per cent in 2021-22, from 15.5 per cent in 2020-21. Bilateral trade has increased to USD 154.73 billion in 2021-22, from USD87.4 billion in 2020-21.
India and the Gulf Cooperation Council (GCC) will announce the launch of negotiations for a free trade agreement on Thursday, which aims at promoting two-way commerce and investments between the regions, an official said.
GCC is a union of six countries in the Gulf region — Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
India’s exports to the GCC member countries grew by 58.26 per cent to about USD 44 billion in 2021-22, as against USD 27.8 billion in 2020-21, according to data from the commerce ministry.
