India-GCC Trade Reaches $162 Billion

The bilateral trade between India and the Gulf Cooperation Council (GCC) is witnessing strong growth. The bilateral trade between India and the region has reached USD 162 billion in 2023, said Aseem P Mahajan, Joint Secretary, Gulf, Ministry of External Affairs. Notably, GCC now contributes 15% to India's total trade.

Addressing the ‘India MENA Business Dialogue: Bridging Economics, Fostering Growth’ in Delhi, Aseem P Mahajan noted the rising multi-faceted partnership between India and the Gulf, encompassing sectors such as energy, defense, security, and health. The Joint Secretary also said that India's exports to the GCC nations have shown "consistent growth."

The India-UAE Comprehensive Economic Partnership Agreement (CEPA), which was signed in 2022, is a significant factor boosting trade relations. "We are looking at many diverse areas. Infrastructure, hydrocarbons, renewable energy, food processing, technology, health, hospitality, tourism, many of these areas have potential where industry can build fruitful joint ventures and partnerships," said Aseem P Mahajan during the event, as quoted by the Economic Times.