Parul
Bilateral trade between India and the Gulf Cooperation Council (GCC) grew from US$ 87.35 billion in the fiscal year 2020-21 to USD 154.66 billion in 2021-22. The growth registered an increase of 77.06 per cent on a year-on-year basis, Union Minister of State in the Ministry of Commerce and Industry, Anupriya Patel informed Parliament during the recent sessions.
During the current financial year 2022-23, for the period April-October 2022, bilateral trade between India and the GCC stood at US$ 111.71 billion, up from US$ 79.49 billion during the same period in 2021-22. This is an increase of 40.53 per cent on a year-on-year basis, the minister said.
During the period financial year 2017-18 to 2021-22, bilateral trade between India and the GCC has grown by 10.57 per cent on a compounded annual growth rate basis.
Also Read: Automobile industry looks to sustain growth momentum in 2023
Earlier in November, the Union Minister of Commerce and Industry, Consumer Affairs, Piyush Goyal, addressed a press conference on the landmark India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA).
The minister said that duties on 100 per cent tariff lines would be eliminated by Australia under the ECTA following the approval of the Agreement by the Australian Parliament.
Goyal said that the ECTA would give a big boost to several sectors of the economy, especially textiles, gems and jewellery and pharmaceuticals. It may be noted that 10 lakh jobs are estimated to be created as a result of the ECTA.
