India will negotiate GCC free trade accord in November: Report
- New Delhi is negotiating a trade accord with the Gulf Cooperation Council (GCC) as the India-UK FTA is delayed. Qatar, Oman, Bahrain, Saudi Arabia, and UAE form the GCC.
- India and UAE struck a trade pact in May. An India-GCC trade pact will improve economic cooperation and help India expand its worldwide commerce.
- An Indian government official told PTI that trade conditions are being finalised and discussions may begin next month.
- In 2021-22, India’s GCC exports grew to 10.1% of total exports from 9.51%. Imports grew 85.8% to $110.73 billion from $59.6 billion in 2020-21.