India and Gulf Countries Strengthen Trade and Cultural Ties
Aseem R Mahajan Highlights Key Developments
New Delhi, India – Aseem R Mahajan, Joint Secretary – Gulf, Ministry of External Affairs, emphasized the strong cultural and bilateral relations between India and the Gulf countries. He highlighted the growing trade and investment ties in sectors like energy, defense, security, and health.
Mahajan noted that the Gulf Cooperation Council (GCC) contributes to 15% of India’s total trade, with trade reaching USD 162 billion last year. India’s exports to the region include food processing, jewelry, synthetic fibers, textiles, pharmaceuticals, engineering goods, and chemicals.
Speaking at the ‘India MENA Business Dialogue: Bridging Economics, Fostering Growth’ organized by FICCI, Mahajan mentioned the India-UAE Comprehensive Economic Partnership Agreement (CEPA) signed in 2022, which has boosted trade. He also discussed initiatives like connecting India’s UPI payment system with the UAE’s RuPay and JAYWAN card, and local currency settlement systems.
Mahajan highlighted the potential for collaboration in education and connectivity, mentioning the India-Middle East-Europe Economic Corridor. He also pointed out investment opportunities from the Sovereign Wealth Funds of Saudi Arabia, UAE, Qatar, and Kuwait in diverse areas like infrastructure, renewable energy, and technology.
Indian Ambassador to UAE, Sunjay Sudhir, noted the GCC’s role as a hub for innovation, particularly in AI, healthcare, and space technology. He emphasized the collaboration between India and the GCC on global issues like climate change and sustainable development.
Indian Ambassador to Oman, Amit Narang, highlighted the robust growth in bilateral trade and the potential for direct shipping to reduce costs. He mentioned ongoing discussions for a bilateral CEPA with Oman.
Indian Ambassador to Saudi Arabia, Suhel Ajaz Khan, discussed the opportunities for deepening relationships with Saudi Arabia, especially in sectors like construction, mining, and renewable energy, as part of Saudi Arabia’s Vision 2030.
Adeeb Ahamed, Chairman of FICCI Middle East Council, and other industry leaders also shared their perspectives on enhancing connectivity and economic cooperation between India and the Gulf countries.
Doubts Revealed
Aseem R Mahajan -: Aseem R Mahajan is a person who works for the Indian government. He helps manage India’s relationships with Gulf countries.
Joint Secretary – Gulf -: This is a job title. It means Aseem R Mahajan is responsible for looking after India’s connections with Gulf countries.
Ministry of External Affairs -: This is a part of the Indian government that handles India’s relationships with other countries.
Gulf countries -: These are countries in the Middle East, like Saudi Arabia, UAE, and Qatar, that are near the Persian Gulf.
bilateral relations -: This means the relationship between two countries, in this case, India and the Gulf countries.
GCC -: GCC stands for Gulf Cooperation Council. It’s a group of countries in the Gulf region that work together on economic and political issues.
India-UAE CEPA -: CEPA stands for Comprehensive Economic Partnership Agreement. It’s a special trade deal between India and the UAE to make trading easier.
UPI payment system -: UPI stands for Unified Payments Interface. It’s a system in India that allows people to send money easily using their phones.
India MENA Business Dialogue -: This is a meeting where people from India and the MENA region (Middle East and North Africa) talk about business and trade.
Indian ambassadors -: These are people who represent India in other countries and help manage relationships between India and those countries.
economic cooperation -: This means working together to improve trade, business, and the economy between countries.
innovation -: Innovation means creating new ideas, products, or ways of doing things to make life better.
