TaxTMI 
TaxTMI 
Trade with Gulf Countries
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....rade with Gulf Countries <br>News and Press Release<br>Dated:- 6-3-2013<br><BR>The value-wise trade between India and GCC and other Arab countries for the last 3 years and current year is given below. The countries included in this group are GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates); West Asian Countries other than GCC (Iraq, Israel, Jordan, Lebanon, Yemen, S....
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....yria);and North African Countries (Algeria, Egypt, Morocco, Libya, Sudan, Tunisia). The bilateral trade in the region, as may be seen from the table given below has increased by 75.91 % from US$ 107360.14 million in 2009-10 to US$ 188867.66 million in 2011-12. Value: US $ million Total Trade 2009-10 2010-11 2011-12 2012-13 (Apr-Dec) GCC Countries 83,977.4 117,391.86 145,502.63 117,337....
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.....96 West Asian Countries other than GCC 15357.96 19145.60 31232.97 23221.78 North African Countries 8024.78 9880.11 12132.06 9400.03 Total 107360.14 146417.57 188867.66 149959.77 Source: DGCIS A statement showing the top 10 commodities of export and import in that region is at Annex I. It will be noted that India's export to this region primarily consists of Gems & Jewellery, Pet....
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....roleum (Crude & Products), Transport Equipments, Rice- Basmati, Readymade Garments (Cotton), Sugar, Meat Preparations, Drugs Pharmaceuticals & Fine Chemicals, Electronic Goods etc. Total trade of India has grown at the rate of around 28% during the year 2011-12, while the total trade in the above mentioned countries has grown at the rate of nearly 28.99%. Assuming a rate of growth of 28% , the to....
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....tal trade in the region can be expected to be around US$ 241 billion during the year 2012-13. However in view of the general slowdown observed in trade in India and rest of the World, it may be safe to assume that India's trade in this region would go up to US $200 billion in 2012-13 which is nearly double of India's trade with this region in 2009-10. The mandate for the negotiations for a Free T....
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....rade Agreement between India and GCC (Gulf Cooperation Council for Arab States) was given by the Trade Economic Relations Committee (TERC) in July 2005 after which two rounds of negotiations were held in 2006 and 2008. Negotiations with GCC have however been at a standstill since 2008 . We have been informed that GCC is reviewing its negotiations with all countries and economic groups, and that a ....
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....study has been commissioned by them to examine the issue of negotiations with India and China. Besides the above mentioned FTA with GCC, India is also negotiating an FTA with Israel in the region, six rounds of which have been held so far. Annex I List of Top-10 Export Commodities to Gulf & Other Arab Countries during the year 2012-13 (As on April-December, 2013) GCC Countries Other West Asian....
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.... Countries North African Countries S.No. Commodity S.No Commodity S. No. Commodity 1. Gems & Jewellary 1. Petroleum (Crude & Products) 1. Transport Equipments 2. Petroleum (Crude & Products) 2. Rice -Basmoti 2. Machinery And Instruments 3. Machinery And Instruments 3. Gems &Jewellary 3. Manmade Yarn, Fabrics, Madeups 4. Manufactures Of Metals 4. Machinery And Instrum....
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....ents 4. Meat & Preparations 5. Electronic Goods 5. Drugs, Phrmcutes & Fine Chemls 5. Sugar 6. Transport Equipments 6. Manufactures Of Metals 6. Petroleum (Crude & Products) 7. Rice -Basmoti 7. Meat & Preparations 7. Drugs,Phrmcutes& Fine Chemls 8. Rmg Cotton Incl Accessories 8. Sugar 8. Cotton Yarn, Fabrics, Madeupsetc 9. Prmry& Semi-Fnshd Iron &Stl 9. Electronic Good....
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....s 9. Electronic Goods 10. Manmade Yarn,Fabrics, Madeups 10. Transport Equipments 10. Plastic & Linoleum Products (A) List of Top-10 Import Commodities from Gulf & Other Arab Countries during the year 2012-13 (As on December, 2013) GCC Countries Other West Asian Countries North African Countries S.No. Commodity S.No. Commodity S. No. Commodity 1. Petroleum, Crude & Products 1....
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..... Petroleum, Crude & Products 1. Petroleum, Crude & Products 2. Gold 2. Fertilezers Manufactured 2. Inorganic Chemicals 3. Perls Prcus Semiprcs Stones 3. Perls Prcus Semiprcs Stones 3. Fertilizers, Crude 4. Organic Chemicals 4. Fertilizers, Crude 4. Fertilezers Manufactured 5. Metalifers Ores & Metal Scrap 5. Organic Chemicals 5. Metalifers Ores & Metal Scrap 6. Artfcl....
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.... Resns,PlstcMatrls,Etc. 6. Inorganic Chemicals 6. Cotton Raw:Comb./Uncomb./Waste 7. Fertilezers Manufactured 7. Electronic Goods 7. Non-Ferrous Metals 8. Inorganic Chemicals 8. Artfcl Resns, Plstc Matrls, Etc. 8. Leather 9. Non-Ferrous Metals 9. Sulphr &Unrostd Iron Pyrts 9. Non-Metlc Mnrl Mnfs Excl Perls 10. Primry Stel,Pig Iron BasdItms 10. Machry Excpt Elec & Electroni....
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....c 10. Wood And Wood Products Source DGCIS This information was given by the Minister of State of Commerce & Industry, Dr. D. Purandeswari in a written reply in Rajya Sabha today. DS/RK (Release ID :93100)<BR> News - Press release - PIB....