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India And Gulf Cooperation Council Considering Revival Of FTA Talks Stalled Since 2008
The Prime Minister, Shri Narendra Modi meeting the Crown Prince of Abu Dhabi, Deputy Supreme Commander of U.A.E. Armed Forces, General Sheikh Mohammed Bin Zayed Al Nahyan, at Presidential Palace, in Abu Dhabi, United Arab Emirates on February 10, 2018 (Photo By PIB)
India and the Gulf Cooperation Council (GCC) are reconsidering a free trade agreement (FTA) as United Arab Emirates (UAE), India's largest trading partner in the grouping has reached out to India seeking to revive the talks which have been stalled since 2008, reports Economic Times.
The talks are presently said to be in a preliminary stage. Before this, the two sides had held two rounds of parleys, however, the talks were stalled after the GCC had initiated a review of its FTA negotiations with all countries and economic groups.
The other members of the GCC include the Arab nations of Saudi Arabia, Kuwait, Oman, Qatar and Bahrain. In bygone FY21, India imported goods worth about $80.5 billion from the grouping, while exporting goods worth $40.5 billion. As much as half of India's trade in the GCC was with UAE alone.
The manifestation of an FTA between India and GCC could likely give a fillip to the Indian exports of products like washing machines, air conditioners, refrigerators, spices, tobacco, cotton fabrics, textiles, and leather.
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