- Asian state, GCC have agreed to pursue a free trade agreement
According to Zawya article published on December 23, 2022, 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.
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.
