https://sputnikglobe.com/20221125/india-to-expedite-resumption-of-fta-talks-with-middle-east-bloc-1104679542.html
India to Expedite Resumption of FTA Talks With Middle East Bloc
India to Expedite Resumption of FTA Talks With Middle East Bloc
Sputnik International
The Riyadh-headquartered Gulf Cooperation Council (GCC) comprises Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman, making the bloc India's largest... 25.11.2022, Sputnik International
2022-11-25T09:48+0000
2022-11-25T09:48+0000
2022-11-25T10:50+0000
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The Indian government and the six-nation Gulf Cooperation Council (GCC) will “expedite conclusion of the requisite legal and technical requirements” for the formal resumption of negotiations on a free trade agreement (FTA), an Indian Commerce Ministry statement said on Friday.The ministry's statement comes a day after Indian Commerce Minister Piyush Goyal and GCC Secretary General Dr. Nayef Falah M. Al-Hajraf announced at a joint press conference that the two sides had decided to pursue FTA negotiations and “conclude them at the earliest.”Goyal said the FTA with the bloc would result in hundreds of billions of dollars flowing from the Middle East into India, which would help create employment opportunities in the goods and service sectors in India and “significantly expand and diversify the trade basket” between the two sides.Al-Hajraf said the FTA would cater to “emerging areas” of the global economy, which have appeared in the post-COVID pandemic era.He listed trade, investment, cooperation in climate change, and technology, as well as food and energy security as the major areas of focus of the FTA talks, adding that negotiations for an agreement would not only take place between India and the GCC, but also between New Delhi and individual governments.India has already inked a comprehensive economic partnership agreement (CEPA) with the United Arab Emirates (UAE), which kicked in this year.The GCC, as a bloc, is currently India’s largest trading partner, with bilateral trade in 2021-22 valued at $154 billion: Indian exports of goods and services to the GCC countries was valued at $44 billion, while imports were to the tune of $110 billion; meanwhile, energy exports to India constituted more than half of overall GCC exports.According to New Delhi, GCC countries contribute almost 35 percent of India’s oil imports and 70 percent of gas imports.
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india fta, india fta with gcc, india fta news, gcc fta agreements, india’s energy security, employment opportunities in the middle east, india's commerce minister, cooperation in climate change, comprehensive economic partnership agreement (cepa)
india fta, india fta with gcc, india fta news, gcc fta agreements, india’s energy security, employment opportunities in the middle east, india's commerce minister, cooperation in climate change, comprehensive economic partnership agreement (cepa)
India to Expedite Resumption of FTA Talks With Middle East Bloc
09:48 GMT 25.11.2022 (Updated: 10:50 GMT 25.11.2022) The Riyadh-headquartered Gulf Cooperation Council (GCC) comprises Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman, making the bloc India's largest trading partner.
The Indian government and the six-nation Gulf Cooperation Council (GCC) will “expedite conclusion of the requisite legal and technical requirements” for the formal resumption of negotiations on a free trade agreement (FTA), an Indian Commerce Ministry statement said on Friday.
The ministry's statement comes a day after Indian Commerce Minister Piyush Goyal and GCC Secretary General Dr. Nayef Falah M. Al-Hajraf announced at a joint press conference that the two sides had decided to pursue FTA negotiations and “conclude them at the earliest.”
Goyal said the FTA with the bloc would result in hundreds of billions of dollars flowing from the Middle East into India, which would help create employment opportunities in the goods and service sectors in India and “significantly expand and diversify the trade basket” between the two sides.
“India plays an important role in the food security and contribut[es] to the healthcare architecture of the GCC. The GCC is an important partner in contributing to India’s energy security,” the Indian minister remarked.
20 September 2022, 11:45 GMT
Al-Hajraf said the FTA would cater to “emerging areas” of the global economy, which have appeared in the post-COVID pandemic era.
He listed trade, investment, cooperation in climate change, and technology, as well as food and energy security as the major areas of focus of the FTA talks, adding that negotiations for an agreement would not only take place between India and the GCC, but also between New Delhi and individual governments.
India has
already inked a comprehensive economic partnership agreement (CEPA) with the United Arab Emirates (UAE), which kicked in this year.
The GCC, as a bloc, is currently India’s largest trading partner, with bilateral trade in 2021-22 valued at $154 billion: Indian exports of goods and services to the GCC countries was valued at $44 billion, while imports were to the tune of $110 billion; meanwhile, energy exports to India constituted more than half of overall GCC exports.
According to New Delhi, GCC countries contribute almost 35 percent of India’s oil imports and 70 percent of gas imports.
