India-GCC Trade Jumps 41% To $112bn

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India-GCC bilateral trade surges 41% to $112bln, states a Zawya news source. 

Bilateral trade rises

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.

FY 2017-18 and FY 2021-22

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.

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Source: Zawya