GCC-India Trade Nexus and Emerging Strategic Issues

Abstract

Gulf Cooperation Council (GCC), established in 1981, and primarily served two strategic missions: Regional Common Market through Free Trade Area (FTA) concept and providing Regional defence security. Over the years, GCC further evolved to integrate regional economy with global economy- particularly India, by expansion of its Trade portfolios- inclusive mainly of Oil & Natural gas, textiles, food commodities, electronic goods, pharma products, gems & jewellries etc. GCC-India trade ties through several Trade Agreements since 1984 has given and opened up several business opportunities for both partners. This, however, has suffered certain drawbacks due to several Trade-related barriers (viz. tariff, tax structure, customs duty evaluation, measures of standards, service and investment norms/ facilities, IPR regulations etc.) imposed by the members of GCC; as also due to slow progress in the desired level of reforms processes- thereby impacting trade performance. The paper critically examines the ongoing status of GCC-India Trade performance and suggests the various measures to improve the future trade opportunities between GCC and India through constructive trade Agreements, multi/ bilateral Trade negotiations

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