GULF COOPERATION COUNCIL (GCC)

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Context: India and the Gulf Cooperation Council (GCC) member countries are expected to start negotiations for a free trade agreement next month with an aim to boost economic ties between the two regions, an official said.

Details:

• India has already implemented a free trade pact with the UAE in May this year.
• According to experts, the GCC region holds huge trade potential and a trade agreement would help in further boosting India’s exports to that market.
• GCC market is unexploited by domestic exporters and it holds huge potential
• GCC is a major import dependent region. We can increase our exports of food items, clothing and several other goods. Duty concessions under a trade agreement will help in tapping that market. It will be a win-win situation for both sides.
• Sectors such as chemicals, textiles, gems and jewellery and leather will get a major impetus by this agreement
• India imports predominately crude oil and natural gas from the Gulf nations like Saudi Arabia and Qatar.

About GCC:

• The Cooperation Council for the Arab States of the Gulf, also known as the Gulf Cooperation Council (GCC) is a regional, intergovernmental, political, and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
• The council's main headquarters is located in Riyadh, Saudi Arabia.
• The Charter of the GCC was signed on 25 May 1981, formally establishing the institution.

https://www.telegraphindia.com/india/india-and-gulf-cooperation-council-member-countries-are-expected-to-start-negotiations-for-a-free-trade-agreement-next-month/cid/1895192