India Becomes The Largest Trading Partner Of Arabia Gulf States
A report released by the Dubai Federation of Commerce and industry in India recently revealed that India has become the largest trading partner of the Gulf Cooperation Committee.
The annual growth rate of trade between India and Gulf Cooperation Council members from 2004 to 2008 exceeded 50%, the report said.
Statistics show that trade between India and Gulf Cooperation Council members in 2008 was as high as 91 billion US dollars, and the average growth rate over the past 5 years was over 50%.
"India is the fastest growing economy in the world except China," said MohammadAlAsoomi, an economic adviser to a consultancy based in the United Arab Emirates.
He said, "in fact,
India
Two years ago, it has become the largest trading partner of the Gulf Cooperation Council Member States.
According to the report, the Gulf Cooperation Council has become the largest in India.
Source of imports
And second major export destinations.
The United Arab Emirates of Saudi Arabia and Arabia are India's two largest trading partners in the Gulf region.
Oil and natural gas are the main commodities imported by India from the Gulf countries, while India's exports to the Gulf countries are mainly concentrated in clothing, light industry, agricultural products and IT products.
India has been the largest food supplier of the Gulf Cooperation Council.
70% of India's crude oil supply is dependent on imports from the Gulf States.
Statistics show that Gulf Cooperation Council imports and exports in India.
Trade
The share of the total has increased from 8.6% in 2004 to 18.7% in 2008.
MohammadAlAsoomi said that India enjoys a geopolitical advantage in trade with the Gulf States. Once India signed a free trade agreement with the Gulf Cooperation Council, the trade volume between the two sides will also increase significantly.
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