India has become the largest trade partners of the GCC

U.A.E. Dubai Chamber of Commerce and industry June 9th report shows that India has replaced the Chinese become Gulf Cooperation Council for the Arab States (GCC) States the largest trading partner. The report, from 2004 to 2008 India and the Gulf Cooperation Council Member States of annual trade volume growth rate in excess of 50%.

Data show that in 2008, India and the Gulf Cooperation Council Member States, of the total trade value of up to 910 million over the past 5 years with an average increase of over 50%.

A company located in U.A.E. consulting firm Economist MohammadAlAsoomi accept the GulfNews "interview:" India is in addition to China, the world's fastest-growing economies. "He said:" in fact, India as early as two years ago, has exceeded China become the GCC member States largest trading partners. ”

The report, the overseas cooperation has become India's largest source of imports and the second largest export destination. Saudi Arabia and the United Arab Emirates in the Gulf is India's largest trading partner in the two countries. Oil and gas is India from Gulf countries imports of major commodities, and India to Gulf States exported goods are mainly concentrated in the clothing industry, light industry, agriculture and IT products. India has been the largest food GCC suppliers. India 70% of the crude oil supply are dependent on imports from the Gulf countries.

Gulf Cooperation Council in India and export trade volume share has shifted from the 2004 8.6% increase to the 2008 18.7%.

MohammadAlAsoomi to GulfNews that once India and the Gulf Cooperation Council signed free trade agreements, trade between the two sides will also be a substantial growth. He said, in India and the Gulf countries trade on geo-political advantage. India has been the largest food GCC suppliers.

Gulf Cooperation Council (GCC, GulfCooperationCouncil--GCC) full name of the Gulf Cooperation Council for the Arab States, was founded in 1981 and headquartered in the Saudi capital Riyadh, member countries including the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait and Saudi Arabia. Gulf Cooperation Council member countries rich in oil and gas resources, proven crude oil reserves total world reserves of 45%.