Prime Minister (PM) Narendra Modi's recent visit to Kuwait, currently the chair of the Gulf Cooperation Council (GCC), with which India has been negotiating a Free Trade Agreement for the past several years, was significant in the bilateral context and its broader regional connotations. It reflected India's keen desire to expand and strengthen its multidimensional relationship with this vital region, which has traditionally been a dependable partner in India's quest for energy security and accounts for almost 35% of its oil and 70% of its gas imports.
GCC is India's largest trading partner bloc, with trade amounting to over $162 billion in FY 2023-24. Next comes the European Union (EU) with $135.31 billion and the Association of South-east Asian Nations (ASEAN) with $120.88 billion. Over 8.8 million Indian citizens employed in the Gulf countries send over $40 billion in remittances, contributing significantly to India's economy.
This story is from the January 03, 2025 edition of Hindustan Times Amritsar.
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This story is from the January 03, 2025 edition of Hindustan Times Amritsar.
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