The above statistics are satisfactory, but I think India-GCC trade alliance is still at a nascent stage and this needs to be improved, considering the fact that the GCC region carries abundant opportunities for Indian exporters. Currently, only a few items, including gems and jewellery, machinery and instruments, crude petroleum products, manufactures of metals, electronic goods, transport equipment, Basmati rice, RMG cotton, including accessories, primary and semi finished iron and steel, man-made yarn, fabrics & made-ups, comprise the major portion of our export basket. I think there is a great scope to expand this trade basket to new products.

Since the last decade, imports by GCC countries from the growing economies of Asia have witnessed a robust growth. According to a statistic, some 20 years ago the block imported around 85 percent of their goods from US, Europe and Japan, and the remaining 15 percent from the growing Asian economies, but today these nations' imports from Asia exceed 35 percent of their total imports. In the last decade, GCC imports from Asia rose by 15 percent while imports from the group of three dropped by 12 percent. But unfortunately, India has failed to garner much from this changing trend.

Here, the United Arab Emirates deserves a special mention. Although the UAE is currently one of the top trading partners of India, I think the opportunities we have explored there constitute only a tip of the iceberg. The region acts as a gateway to both the Arab and some African markets, and its vibrant re-export activities, large population, and rapid growth and development, first driven by its profits from oil production, and more recently due to growth of other industrial sectors, such as tourism offer huge opportunities, which can help us multiply our exports to the country and also increase our presence in the other middle eastern regions and parts of Africa.

I think a comprehensive trade agreement could catapult trade between the two sides. The Trade and Economic Relations Committee had given this suggestion in 2005, after which two rounds of negotiations were held in 2006 and 2008, but unfortunately since then the negotiations have been at a standstill. Recently, it has been reported that GCC is reviewing its negotiations with all countries and economic groups and that a study has been commissioned by them to examine the issue of negotiations with India and China. I hope we will soon see some positive developments in this direction.

I invite your feedback on India-GCC trade opportunities and challenges.