India-GCC trade reaches $162 billion, strengthening energy and defence

29 Aug 2024 CW Team

Aseem R Mahajan, Joint Secretary for the Gulf at the Ministry of External Affairs, stated that the Gulf Cooperation Council (GCC) now contributes 15% to India’s total trade, with bilateral trade between India and the region reaching $162 billion last year. Speaking at the 'India MENA Business Dialogue: Bridging Economics, Fostering Growth' organised by FICCI, Mahajan emphasised the growing multi-faceted partnership between India and the Gulf, which spans sectors such as energy, defence, security, and health.

Mahajan noted that while overall trade figures may fluctuate, India's exports to the GCC have consistently grown. He mentioned that India exports a variety of products, including food processing goods, jewellery, synthetic fibres and yarns, textiles, pharmaceuticals, and engineering goods, and chemical products, and highlighted these areas as having significant potential. He also pointed out that the India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, has significantly boosted trade relations with the UAE.

Mahajan highlighted key initiatives in financial connectivity, such as the on-going integration of India’s UPI system with the UAE’s JAYWAN card and RuPay. He also mentioned the operational local currency settlement system in Dirham and UPI as a model that other countries are considering. Emerging opportunities in education and connectivity, particularly through the India-Middle East-Europe Economic Corridor, were also noted as areas with significant potential.

Investment opportunities from Sovereign Wealth Funds in Saudi Arabia, the UAE, Qatar, and Kuwait are being closely monitored. Mahajan indicated strong interest in sectors like infrastructure, hydrocarbons, renewable energy, and technology, mentioning that diverse areas such as food processing, technology, health, hospitality, and tourism present potential for fruitful joint ventures and partnerships.

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