GCC is a union of six international locations within the Gulf area — Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain.

Within the fiscal yr 2021-22, India’s exports to the GCC member international locations grew by 58.26% to about $44 billion as in opposition to $27.8 billion in 2020-21.

Based on commerce ministry information, the share of those six international locations in India’s complete exports has risen to 10.4% in 2021-22, from 9.51% in 2020-21.

Equally, imports rose by 85.8% to $110.73 billion, in comparison with $59.6 billion in 2020-21, the information confirmed.

The share of GCC members in India’s complete imports rose to 18% in 2021-22, from 15.5% in 2020-21.

Bilateral commerce has elevated to $154.73 billion in 2021-22, from $87.4 billion in 2020-21.

“GCC officers will likely be right here for the announcement,” the official stated.

India has already applied a free commerce pact with the UAE in Could this yr.

India’s bilateral commerce with the nation elevated to $72.9 billion in 2021-22 as in comparison with $43.3 billion in 2020-21.

India imports predominately crude oil and pure fuel from the Gulf nations like Saudi Arabia and Qatar, and exports pearls, treasured and semi-precious stones; metals; imitation jewelry; electrical equipment; iron and metal; and chemical substances to those international locations.

Moreover commerce, Gulf nations are host to a sizeable Indian inhabitants. Out of about 32 million non-resident Indians (NRIs), almost half are estimated to be working in Gulf international locations.

The NRIs ship a big amount of cash again house.

Based on a November 2021 report from the World Financial institution, India received $87 billion in international remittances in 2021. Of this, a sizeable portion got here from the GCC nations.

Amongst its buying and selling associate of India in Gulf international locations, Saudi Arabia is on the 4th spot. Complete bilateral commerce has elevated to about $ 43 billion in 2021-22, from $ 22 billion a yr in the past.

India imports 8.5 million tonnes a yr of LNG from Qatar and exports merchandise starting from cereals to meat, fish, chemical substances, and plastics. Two-way commerce between India and Qatar rose to $ 15 billion in 2021-22 from $ 9.21 billion in 2020-21.

Kuwait was the twenty seventh largest buying and selling associate of India within the final fiscal. Bilateral commerce has jumped to $ 12.3 billion in 2021-22, as in comparison with $ 6.3 billion in 2020-21.

Oman was the thirty first largest buying and selling associate of India in 2021-22. Bilateral commerce with the nation has elevated to about $ 10 billion in 2021-22, as in comparison with $ 5.5 billion in 2020-21.

(With PTI inputs)