PHOTO
Cargo ships with full container receipts to import and export products worldwide. Image used for illustrative purpose. Getty Imahes
Bilateral trade between India and the Gulf Cooperation Council (GCC) region rose 40.53% to $111.71 billion between April and October 2022, compared to $79.49 billion in the same period last year, Anupriya Patel, Minister of State for Commerce and Industry, told the Indian parliament.
Bilateral trade grew to $154.66 billion in fiscal year (FY) 2021-22, surging 77.06% year-on-year.
The minister stated that between FY 2017-18 and FY 2021-22, bilateral trade grew by 10.57% on a compounded annual growth basis.
In November, Minister of Commerce and Industry Piyush Goyal said that India and the GCC agreed to pursue a free trade agreement and conclude it at the earliest.
India and the UAE also signed a Comprehensive Economic Partnership Agreement (CEPA) in February, which will boost bilateral trade.
(Editing by Cleofe Maceda; Cleofe.maceda@lseg.com)
