Course summary India Gulf Cooperation Council (GCC) Free Trade Agreement (FTA)
(الهند - دول مجلس التعاون الخليجي اتفاقية التجارة الحرة)
The Gulf Co-operation Council (GCC) is a
customs union comprising of
Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia and United Arab Emirates.
They are India’s third largest trading partners, with exports to this
region constituting about 3-4% of India’s global exports and India’s imports
from this region accounting for over 20% of India’s global imports.
A Framework Agreement on Economic Cooperation between Republic of India and
Gulf Cooperation Council was signed on 25th August, 2004.
India’s old, historical ties with GCC states, coupled with increasing
imports of oil and gas, growing trade and investment opportunities, and presence
of 3.5 million Indian workers in the region, are of vital interest to India.
India’s economic linkages with the GCC have increased steadily during 1970s, 80s
and 90s, especially due to growth in oil imports. During the last five years,
India’s total trade with the GCC countries has risen nearly three-fold, from US$
7 billion in 2000 to US$ 19.3 billion in the year 2005.
India’s exports to the GCC have risen from US$ 3.73 billion in the year 2000 to
US$ 11.22 billion in the year 2005. Saudi Arabia is India’s second largest
trading partner in the GCC region, having a share of 14. 6 percent in the year,
2004-05.
Status: Proposed / Under consultation and study
Example of the course India Gulf Cooperation Council (GCC)
Free Trade Agreement (FTA):
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