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