New Delhi, Dec 21 (KNN) For the period April-October 2022 in FY23, bilateral trade between India and the Gulf Cooperation Council (GCC) stood at USD 111.71 billion, up from USD 79.49 billion during the same period in FY 2021-22.

This is an increase of 40.53% 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% on a compounded annual growth rate basis.

This was informed by Minister of State in the Ministry of Commerce and Industry, Anupriya Patel in reply to a parliamentary question on Wednesday.

Bilateral Trade between India and GCC grew from USD 87.35 billion in FY 2020-21 to USD 154.66 billion in FY 2021-22, registering an increase of 77.06% on a year-on-year basis.

Last month, Piyush Goyal, Union Minister of Commerce and Industry and Dr. Nayef Falah M. Al-Hajraf, Secretary General, GCC, held a Joint Press Conference, in New Delhi to announce the intent to pursue negotiations on the India-GCC FTA.

With forward-looking and solution-oriented deliberations, bilateral engagements witnessed significant progress on all matters of mutual interest across the entire gamut of bilateral economic relations between India and the GCC nations.

Both sides agreed to expedite conclusion of the requisite legal and technical requirements for formal resumption of the FTA negotiations.

The FTA is envisaged to be a modern, comprehensive Agreement with substantial coverage of goods and services.

Both sides emphasized that the FTA will create new jobs, raise living standards, and provide wider social and economic opportunities in India and all the GCC countries.  (KNN Bureau)