Riyadh: Record-breaking Trade Ties between GCC, India, and Brazil
In a groundbreaking development, trade between the Gulf Cooperation Council (GCC) and its partners India and Brazil soared to an impressive $195.1 billion in 2022, according to the GCC secretary-general.
Expanding Economic Horizons
The India-GCC Joint Ministerial Meeting for Strategic Dialogue witnessed Jasem Mohamed Al-Budaiwi shedding light on the flourishing economic relationships with both countries, with a particular emphasis on opportunities in renewable energy, artificial intelligence, and fintech.
Strengthening Economic Cooperation
Al-Budaiwi emphasized the solid foundation of economic cooperation that bolsters the GCC’s ties with India and Brazil, highlighting the importance of these partnerships in fostering mutual growth and addressing global challenges.
Robust Trade Relations
Providing detailed insights, the GCC chief revealed that trade between the GCC and India in 2022 amounted to approximately $174 billion, accounting for around 11 percent of the total foreign trade of the GCC.
Strategic Investments
Al-Budaiwi also highlighted the significant investments made by GCC countries in various projects in India, totaling nearly $6 billion. These investments are crucial for generating economic benefits, including job creation and overall growth.
Promising Opportunities for Collaboration
The GCC’s economic relations with India extend to renewable energy cooperation, with opportunities for joint investments in this sector. Additionally, there are vast possibilities for collaboration in technology and innovation, including artificial intelligence, big data, and fintech.
Looking Towards the Future
In his closing remarks, Al-Budaiwi expressed optimism about the future of these strategic partnerships, expecting them to evolve and benefit the economies of the GCC and its partners while contributing to global economic stability and sustainability.
Joint Action Plan for Advancing Cooperation
Both sides have agreed on a Joint Action Plan for 2024-2028 to enhance cooperation, with the General Secretariat facilitating coordination between India and the GCC to implement and strengthen the plan.
Shared Vision for Deeper Economic Cooperation
Al-Budaiwi’s speech at the GCC-India Strategic Dialogue highlighted the shared vision of the GCC, India, and Brazil for deeper economic cooperation, setting the stage for strengthened ties in innovation, sustainability, and economic integration.