Bilateral trade between India and the GCC jumps 41 pc to $111.71 billion

New Delhi/IBNS: Bilateral trade between India and the Gulf Cooperation Council (GCC) during the current FY 2022-23, for the period April-October 2022 stood at $111.71 billion, up from $79.49 billion during the same period in FY 2021-22, Union minister Anupriya Patel said on Wednesday.

IBNS • 21 Dec 2022, 07:30 pm

This is an increase of 40.53 percent on a year-on-year basis.

During the period FY 2017-18 to FY 2021-22, bilateral trade between India and the GCC has grown by 10.57 percent on a compounded annual growth rate basis, the Minister of State for Commerce and Industry said in a written reply to Lok Sabha.

Bilateral trade between India and GCC jumped from $87.35 billion in FY 2020-21 to $154.66 billion in FY 2021-22, registering an increase of 77.06 percent on a year-on-year basis.

GCC is a regional, intergovernmental, political, and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.