Home Finance India, GCC group to launch free commerce pact negotiations on Nov 24

India, GCC group to launch free commerce pact negotiations on Nov 24

New Delhi: India and the Gulf Cooperation Council (GCC) are anticipated to launch negotiations for a free commerce settlement on November 24 with an intention to spice up financial ties between the 2 areas, an official stated.

GCC is a union of six nations within the Gulf area – Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. “The FTA shall be launched on November 24. GCC officers shall be right here to launch the talks,” the official stated. India has already applied a free commerce pact with the UAE in Might this yr. Commerce and business minister Piyush Goyal had, on November 16, stated that India shall be launching a brand new free commerce settlement (FTA) subsequent week.

This is able to be a type of resumption of FTA talks as earlier two rounds of negotiations held in 2006 and 2008 between India and GCC. Third spherical didn’t occur as GCC deferred its negotiations with all nations and financial teams. India imports predominately crude oil and pure fuel from the Gulf nations like Saudi Arabia and Qatar, and exports pearls, treasured and semi-precious stones; metals; imitation jewelry; electrical equipment; iron and metal; and chemical compounds to those nations. India’s exports to the GCC grew by 58.26 per cent to about $44 billion in 2021-22 towards $27.8 billion in 2020-21, in line with information from the commerce ministry. The share of those six nations in India’s whole exports has risen to 10.4 per cent in 2021-22 from 9.51 per cent in 2020-21.

Equally, imports rose by 85.8 per cent to $110.73 billion in comparison with $59.6 billion in 2020-21, the information confirmed. The share of GCC members in India’s whole imports rose to 18 per cent in 2021-22 from 15.5 per cent in 2020-21. Bilateral commerce has elevated to $154.73 billion in 2021-22 from $87.4 billion in 2020-21. Apart from commerce, Gulf nations are host to a sizeable Indian inhabitants. Out of about 32 million non-resident Indians (NRIs), almost half are estimated to be working in Gulf nations.

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