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The Federation of Indian Export Organisations (FIEO), the apex body of India's export promotion councils, has stated that Indian exports to the six Gulf Cooperation Council countries (GCC) grew by 44 per cent to about $43.9 billion in 2021-22 fiscal year compared to previous fiscal's $27.8 billion with the UAE leading the trade with a remarkable 68 per cent growth.

FIEO said paper and allied products exports to the GCC touched $638 million in 2021 with the UAE taking a major share in the trade at $386 million. In the case of the paper industry, India has a 16 per cent market share in GCC and the target is to corner a 25 per cent market share by 2027 with the signing of Comprehensive Economic Partnership Agreement (CEPA) with other Gulf countries. India and the UAE signed the CEPA in February 2022 which came into force on May 1, 2022. The cumulative demand for paper and allied products in the GCC market is estimated to be over $3.8 billion.

It further said that the export prospects will further scale up since zero-duty access for Indian products to the UAE is expected to expand over 5-10 years to 97 per cent of UAE tariff lines, or 99 per cent of Indian exports by value. FIEO has been aggressively pushing to enhance India’s exports to the GCC region. In the current financial year, FIEO has planned various activities for the development of India’s export to the region, including exhibitions, B2B delegations, interactive sessions and capacity building programs.