Bilateral trade between India, GCC increases 40.53% in April-October 2022
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Minister of State in the Ministry of Commerce and Industry, Anupriya Patel has said that the bilateral Trade between India and the Gulf Cooperation Council (GCC) grew from $87.35 billion in FY 2020-21 to $154.66 billion in FY 2021-22, registering an increase of 77.06% on a year-on-year basis.
Besides, Patel noted that during the current FY 2022-23, for the period April-October 2022, bilateral trade between India and the GCC stood at $111.71 billion, up from $79.49 billion during the same period in FY 2021-22. This is an increase of 40.53% on a year-on-year basis. During the period FY 2017-18 to FY 2021-22, bilateral trade between India and the GCC has grown by 10.57% on a compounded annual growth rate basis.
Meanwhile, in November 2022, India and Gulf Cooperation Council had decided to pursue resumption of Free Trade Agreement (FTA) Negotiations. With forward-looking and solution-oriented deliberations, bilateral engagements witnessed significant progress on all matters of mutual interest across the entire gamut of bilateral economic relations between India and the GCC nations.
