Thursday, November 8, 2007

Indo-GCC trade likely to be US$40bn by 2010

from India Infoline News Service (India)

Gulf Cooperation Council (GCC) has emerged as the third largest trade partners for India after the EU and the US, and its total trade with GCC is likely to go up to US $28bn by March 2008 and exceed US $40bn by 2010, provided Free Trade Agreement (FTA) between the two regions is sealed fast, says the Associated Chambers of Commerce and Industry of India (ASSOCHAM). In a paper on Indo-GCC FTA, brought out by ASSOCHAM, it is stressed that India's total trade with GCC countries, comprising Bahrain, Kuwait, Oman, Saudi Arabia, Qatar and UAE has already gone up to US$22.5bn, in the fiscal year ending March 2007 from US $5.6bn in the fiscal 2001 ... In addition, the ASSOCHAM is also of the view that except for UAE, India’s trade value with other GCC countries is way below potential and can increase substantially once the FTA is operationalised. Products which have large potential include machinery and mechanical appliances (besides automobiles) in all GCC markets.

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