🔆India-Gulf Cooperation Council (GCC) to pursue resumption of FTA Negotiations

🔆India-Gulf Cooperation Council (GCC) to pursue resumption of FTA Negotiations

✅The Government of India and the Gulf Cooperation Council (GCC) announced the intent to pursue negotiations on the India-GCC Free Trade Agreement (FTA). 

♻️India-GCC FTA :

✅Both India and the GCC have acknowledged the need to expedite the conclusion of the FTA negotiations. 

✅The FTA between the two is envisaged to be an advanced and comprehensive agreement that covers wide aspects of goods and services. 

✅The FTA between India and the GCC is expected to help create new jobs, better living standards, and provide increased social and economic opportunities to India and the GCC countries. 

✅Both sides have agreed to expand and diversify the trade basket in line with the huge potential existing because of the complementary business and economic ecosystems of India and the GCC. 

♻️India-GCC Trade Relations :

✅At present, GCC is India’s largest trading partner bloc with bilateral trade in FY 2021-22 crossing $154 billion with exports being valued at about $44 billion and imports at $110 billion. 

✅The bilateral trade in services between India and the GCC was valued at around $14 billion in FY 2021-22 (Exports: $5.5 Billion and Imports: $8.3 Billion). 

✅Further, the GCC countries account for close to 35% of India’s total oil imports and 70% of overall gas imports.

✅India’s total crude oil imports from the GCC in 2021-22 were valued at $48 billion with LNG and LPG imports being valued at $21 billion. 

✅Also, the investments from the GCC in India are valued at over $18 billion.


#⃣Tag:   #GS2  #IR  #FTA #Pre

✳️ Mains: Trends in India-GCC Relations and the significance of FTA