India and Gulf Cooperation Council (GCC) Free Trade Agreement negotiations will be announced on November 24th, with the goal of promoting two-way commerce and investments between both regions, as stated by an official.
According to data from the commerce ministry, India’s exports to the GCC members increased by 58.26 per cent to around USD 44 billion in 2021–22, as opposed to USD 27.8 billion in 2020–21.
GCC members’ percentage of all imports into India increased from 15.5 per cent in 2020–21 to 18 per cent in 2021–22.
From USD 87.4 billion in 2020-2021 to USD 154.73 billion in 2021–2022 is an increase in bilateral trade.
This would be a form of continuation of the FTA discussions that had previously taken place between India and the GCC in two sessions in 2006 and 2008.
The GCC postponed its negotiations with all nations and economic groups, preventing a third round from taking place.
India primarily buys crude oil and natural gas from the Gulf countries, such as Saudi Arabia and Qatar, and exports to these nations electrical machinery, iron, steel, chemicals, pearls, precious and semi-precious stones, metals, and imitation jewellery.
Doonited Affiliated: Syndicate News Hunt