India, GCC Agree To Pursue Free Trade Agreement; Resume Talks: Piyush Goyal & More Trending News

 

India and the Gulf Cooperation Council (GCC) have agreed to pursue a free commerce settlement (FTA) between the 2 areas and resume the negotiations, Commerce and Industry Minister Piyush Goyal mentioned on Thursday.

     

GCC is a union of six nations within the Gulf area — Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. The council is the most important buying and selling bloc of India.

     

India’s exports to the GCC member nations grew by 58.26 per cent to about USD 44 billion in 2021-22 towards USD 27.8 billion in 2020-21, in keeping with knowledge from the commerce ministry.

     

Bilateral commerce in items has elevated to USD 154.73 billion in 2021-22 from USD 87.4 billion in 2020-21. Services commerce between the 2 areas was valued at round USD 14 billion in 2021-22, with exports aggregated at USD 5.5 billion and imports at USD 8.3 billion.

     

“We have agreed to pursue the free trade agreement between the GCC and India and resume the negotiations and conclude the same at the earliest,” Goyal instructed reporters right here in a joint press convention with GCC Secretary General Nayef Falah M Al-Hajraf right here.

     

GCC nations contribute nearly 35 per cent of India’s oil imports and 70 per cent of its gasoline imports. India’s total crude oil imports from the GCC in 2021-22 have been about USD 48 billion, whereas LNG and LPG imports in 2021-22 stood at about USD 21 billion.

     

Both sides held negotiations for the commerce pact in 2006 and 2008 however talks stalled thereafter attributable to unknown causes.

     

When requested concerning the subsequent spherical of talks to renew the negotiations, Goyal mentioned groups of either side would resolve that. He mentioned that FTA covers areas together with commerce, and funding promotion.

     

“I am sure the engagement with the GCC will be in tune with the truly unique and special relations enjoyed by the countries of the GCC region and India,” Goyal mentioned including “India plays an important role in food security and contributes to healthcare architecture of the GCC, the GCC is a reliable partner in catering to India’s energy security”.

     

The GCC Secretary General mentioned: “This is a very broad FTA and it reflects mutual areas of interest to focus on”.

     

Al-Hajraf mentioned it’s a platform for the 2 economies to maneuver ahead on some sectors of mutual curiosity corresponding to meals safety, vitality safety, and know-how switch.

     

“We are very keen to pursue the FTA negotiations between both sides…. and we instructed the negotiating teams to finalise all the needed documents for official resumptions for the FTA,” he added.

     

He additionally mentioned that Indian expats contribute to the GCC financial system. 

     

Gulf nations are host to a sizeable Indian inhabitants. Out of about 32 million non-resident Indians (NRIs), practically half are estimated to be working within the Gulf nations.

     

GCC nations account for nearly 35 per cent of India’s oil imports and 70 per cent of gasoline imports. India’s total crude oil imports from the GCC in 2021-22 have been about USD 48 billion, whereas LNG and LPG imports in 2021-22 have been about USD 21 billion.  

 

India, GCC Agree To Pursue Free Trade Agreement; Resume Talks: Piyush Goyal

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India, GCC Agree To Pursue Free Trade Agreement; Resume Talks: Piyush Goyal

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India, GCC Agree To Pursue Free Trade Agreement; Resume Talks: Piyush Goyal

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