24 Nov Free Trade Agreement
Free Trade Agreement
The topic is based on the “Free Trade Agreement“. It talks about how the Free Trade Agreement impacts on Indian Economy.
Relevance for Prelims: Free Trade Agreement, Gulf Cooperation Council
Relevance for Mains: Significance of FTA’s
Context: India and Gulf-cooperation Council have agreed to pursue FTA.
About Gulf-Cooperation Council:
It is a union of six countries in the Gulf region- Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain.
Significance of Gulf- Cooperation Council
- Oil & Gas: India imports more than 40% of its natural gas from Qatar. India’s overall crude oil imports. Saudi Arabia was India’s fourth-largest trading partner last fiscal. From Qatar, India imports 8.5 million tonnes a year of LNG and exports products ranging from cereals to meat, fish, chemicals, and plastics.
- Remittance: According to a November 2021 report from the World Bank, India got $87 billion in foreign remittances in 2021. Of this, a sizeable portion came from the GCC nations.
- Trade: Bilateral goods in goods and services have increased exponentially.
- Potential Market: India could increase its exports of food items, clothing, and several other goods are given that the number of Indians has increased. India exports pearls, precious and semi-precious stones; metals; imitation jewelry; electrical machinery; iron and steel; and chemicals to these countries.
Pic: Gulf Cooperation Council
India’s exports to the GCC increased by 58.26% to about $44 billion in 2021-22 against $27.8 billion in 2020-21, according to data of the Commerce Ministry. The share of these six countries in India’s total exports has risen to 10.4% in 2021-22 from 9.51% in 2020-21. Similarly, imports rose by 85.8% to $110.73 billion compared to $59.6 billion in 2020-21, the data showed. The share of GCC members in India’s total imports rose to 18% in 2021-22 from 15.5% in 2020-21.
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Plutus IAS current affairs 24th November 2022
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