Dubai’s Chamber of Commerce and Industry has placed the total value of trade between the GCC and India in excess of $91billion and says it has grown at a rate of 50 per cent annually since 2004.
India, like China, has one of the fastest growing world economies and has been the UAE’s top trading partner since 2008. The GCC overall is India’s second biggest destination for exports, with precious metals, minerals, foods and textiles being some of the key items coming into the region from India.
Trade between the two regions is long established, centuries ago comprising of fishes and dates. Since the discovery of oil, which India began to buy and import from the UAE in huge quantities, trade on all levels has expanded. Today India is one of the world’s biggest consumers of oil with the bulk of its energy being imported from the UAE.
A free trade agreement is currently being negotiated between India and the GCC and is reported as being in its final stages.Paul Holdsworth, Staff Writer, Gulf Jobs Market News