<p id="thickbox_headline">After having concluded a free trade deal with UAE, India is working to conclude a similar economic cooperation agreement with the Gulf Cooperation Council, a union of 6 countries in the gulf region -- Saudi Arabia, Qatar, Kuwait, Oman, Bahrain and UAE -- this year itself. The region has a combined GDP of $1.6 trillion.</p>.<p>"We have conducted negotiations in a rapid manner with UAE and we believe that a similar agreement on trade would be concluded with GCC in this year itself, Commerce and Industry Minister Piyush Goyal said.</p>.<p>He said the CEPA will not only improve competitiveness of Indian products but also provide strategic advantages to India.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/national/india-uae-fta-may-benefit-26-billion-worth-of-domestic-goods-subjected-to-5-duty-1083364.html" target="_blank">India-UAE FTA may benefit $26 billion worth of domestic goods subjected to 5% duty </a></strong></p>.<p>"Since UAE functions as a trading hub the agreement will help provide us market entry points to Africa, Middle East and Europe," Goyal said. </p>.<p>With this, labour intensive industries, MSMEs and start ups are expected to benefit.</p>.<p>The GCC has emerged as a major trading partner of India and its vast oil reserves present a great potential for India's energy needs.</p>.<p>India's oil demand is likely to double to 19 million barrels per day by 2030. Natural gas demand is expected to rise nearly two and a half times to over 143 million tonnes.</p>.<p>UAE is also a re-distribution centre and a financial hub. Much of the exports to Africa is routed through Dubai. According to FIEO "a lot of a lot of African buyers come to Dubai and place orders for Indian goods. Thus, showcasing Indian goods in UAE is a good strategy for marketing Indian products and services".</p>.<p><strong>Watch the latest DH videos:</strong></p>
<p id="thickbox_headline">After having concluded a free trade deal with UAE, India is working to conclude a similar economic cooperation agreement with the Gulf Cooperation Council, a union of 6 countries in the gulf region -- Saudi Arabia, Qatar, Kuwait, Oman, Bahrain and UAE -- this year itself. The region has a combined GDP of $1.6 trillion.</p>.<p>"We have conducted negotiations in a rapid manner with UAE and we believe that a similar agreement on trade would be concluded with GCC in this year itself, Commerce and Industry Minister Piyush Goyal said.</p>.<p>He said the CEPA will not only improve competitiveness of Indian products but also provide strategic advantages to India.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/national/india-uae-fta-may-benefit-26-billion-worth-of-domestic-goods-subjected-to-5-duty-1083364.html" target="_blank">India-UAE FTA may benefit $26 billion worth of domestic goods subjected to 5% duty </a></strong></p>.<p>"Since UAE functions as a trading hub the agreement will help provide us market entry points to Africa, Middle East and Europe," Goyal said. </p>.<p>With this, labour intensive industries, MSMEs and start ups are expected to benefit.</p>.<p>The GCC has emerged as a major trading partner of India and its vast oil reserves present a great potential for India's energy needs.</p>.<p>India's oil demand is likely to double to 19 million barrels per day by 2030. Natural gas demand is expected to rise nearly two and a half times to over 143 million tonnes.</p>.<p>UAE is also a re-distribution centre and a financial hub. Much of the exports to Africa is routed through Dubai. According to FIEO "a lot of a lot of African buyers come to Dubai and place orders for Indian goods. Thus, showcasing Indian goods in UAE is a good strategy for marketing Indian products and services".</p>.<p><strong>Watch the latest DH videos:</strong></p>
