Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

India, Gulf Cooperation Council To Resume FTA Negotiations: Goyal

Gulf Cooperation Council (GCC) is currently India’s largest trading partner bloc with bilateral trade in FY 2021-22 valued at over USD 154 billion

Photo Credit : PIB

1658219691_CQbsVx_Piyush_Goyal.jpg

Minister of Commerce and Industry, Piyush Goyal, Nayef Falah M. Al-Hajraf, Secretary General, Gulf Cooperation Council (GCC) in a joint press conference on Thursday announced the intent to pursue negotiations on the India-GCC free trade agreement (FTA).

As per the official statement, both sides emphasised that the FTA will create new jobs, raise living standards, and provide wider social and economic opportunities in India and all the GCC countries. 

Both sides also agreed to significantly expand and diversify the trade basket in line with the enormous potential that exists on account of the complementary business and economic ecosystems of India and the GCC.

Meanwhile, GCC is currently India’s largest trading partner bloc with bilateral trade in FY 2021-22 valued at over USD 154 billion with exports valued at approximately USD 44 billion and imports of around USD 110 billion (non-oil exports of USD 33.8 billion and non-oil imports of USD 37.2 billion). 

Bilateral trade in services between India and the GCC was valued at around USD 14 billion in FY 2021-22, with exports valued at USD 5.5 billion and imports at USD 8.3 billion.


Tags assigned to this article:
trade gulf cooperation council