India-GCC
Bilateral trade between India and the GCC jumps 41 pc to $111.71 billion
New Delhi/IBNS: Bilateral trade between India and the Gulf Cooperation Council (GCC) during the current FY 2022-23, for the period April-October 2022 stood at $111.71 billion, up from $79.49 billion during the same period in FY 2021-22, Union minister Anupriya Patel said on Wednesday.
This is an increase of 40.53 percent on a year-on-year basis.
During the period FY 2017-18 to FY 2021-22, bilateral trade between India and the GCC has grown by 10.57 percent on a compounded annual growth rate basis, the Minister of State for Commerce and Industry said in a written reply to Lok Sabha.
Bilateral trade between India and GCC jumped from $87.35 billion in FY 2020-21 to $154.66 billion in FY 2021-22, registering an increase of 77.06 percent on a year-on-year basis.
GCC is a regional, intergovernmental, political, and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
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