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    QONEQT in News

    17-Nov-2022 07:36 AM


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    India, Gulf Council Countries To Start Free Trade Pact Negotiations On November 24

    India has already implemented a free trade pact with the UAE in May this year.(File) India and the Gulf Cooperation Council (GCC) are expected to launch negotiations for a free trade agreement on November 24 with an aim to boost economic ties between the two regions, an official said.
    India imports predominately crude oil and natural gas from the Gulf nations like Saudi Arabia and Qatar, and exports pearls, precious and semi-precious stones; metals; imitation jewellery; electrical machinery; iron and steel; and chemicals to these countries.
    India's exports to the GCC grew by 58.26 per cent to about USD 44 billion in 2021-22 against USD 27.8 billion in 2020-21, according to data from the commerce ministry.
    These NRIs send a significant amount of money back home.
    Saudi Arabia was India's fourth-largest trading partner last fiscal.
    Source: NDTV
    #India