Anupriya Patel, Minister of State for Commerce and Industry, informed the Indian parliament that bilateral trade between India and the Gulf Cooperation Council (GCC) region increased 40.53% to $111.71 billion between April and October 2022 from $79.49 billion during the same period in 2017.
Bilateral trade grew to $154.66 billion in fiscal year (FY) 2021-22, surging 77.06% year-on-year. The minister stated that between FY 2017-18 and FY 2021-22, bilateral trade grew by 10.57% on a compounded annual growth basis.
In November, Minister of Commerce and Industry Piyush Goyal said that India and the GCC agreed to pursue a free trade agreement and conclude it at the earliest. A Comprehensive Economic Partnership Agreement (CEPA) was also inked in February between India and the UAE, which will increase commerce between the two countries.
