homeworld NewsIndia Gulf Cooperation Council to launch free trade pact negotiations on November 24: Report
India-Gulf Cooperation Council to launch free trade pact negotiations on November 24: Report
India aims for a fair, equitable, and mutually beneficial FTA deal with the Gulf Cooperation Council. The South Asian nation hopes to generate over a lakh job through this deal.
India-Gulf Cooperation Council (GCC) Free Trade Agreement talks are slated to restart on November 24, PTI reported. As reported earlier, the existing Comprehensive Economic Partnership Agreement (CEPA) with GCC constituent UAE will serve as a benchmark for prospective talks.
India will aim for a fair, equitable, and mutually beneficial FTA deal with focus remaining on labour-intensive sectors. The South Asian nation hopes to generate over a lakh jobs through this deal.
Earlier in an exclusive conversation, the Director General of the Federation of Indian Exporters Organisation (FIEO), Ajay Sahai, said that the India-UAE CEPA will serve as a template due to the commonality between oil-driven economies.
The Gulf Cooperation Council comprises oil-rich countries of the middle east that includes Saudi Arabia, UAE, Qatar, Oman, Kuwait, and Bahrain.
India's exports to the GCC grew by 58.26 percent to about USD 44 billion in 2021-22, the commerce ministry data showed. The share of GCC countries in India's total exports has risen to 10.4 percent in 2021-22 from 9.51 percent in 2020-21. Similarly, imports rose by 85.8 percent to USD 110.73 billion compared to USD 59.6 billion in 2020-21.
India imports predominantly crude oil and natural gas from the Gulf nations and exports precious and semi-precious stones, metals, electrical machinery, iron and steel among others.
Earlier, two rounds of negotiations were held in 2006 and 2008 between India and GCC. The third round did not happen as GCC deferred its negotiations with all countries and economic groups.
-With inputs from PTI
Also Read:India-UAE CEPA will serve as template for probable India-GCC Free Trade Agreement: Says FIEO
First Published: Nov 14, 2022 2:51 PM IST
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