The ministry stated that the trade deficit is owing to heavy energy dependence of India on Gulf nations and high imports of oil and gas, according to the report. (File photo/YouTube)
The total volume of India’s trade with GCC countries stood at USD 184.46 billion in the financial year 2022-23, it mentioned. Out of the total volume, India’s exports stood at USD 51.27 billion USD and its imports at USD 133.19 billion USD
India’s engagement with the Gulf Cooperation Council (GCC) in the field of hydrocarbon is mutually reinforcing and it is working to elevate the buyer-seller engagement to a strategic partnership, the Ministry of External Affairs (MEA) has a told a parliamentary panel. The GCC is an influential grouping comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.
The parliamentary committee on external affairs on Tuesday tabled a report in Lok Sabha on India’s overall relationship with the GCC. In the report, the panel said the ministry told it that New Delhi’s relation with the member countries of the grouping in the field of hydrocarbon is ”mutually reinforcing and beneficial” and that ”India is working to ”elevate” this existing buyer-seller relation to a strategic partnership.
The total volume of India’s trade with GCC countries stood at USD 184.46 billion in the financial year 2022-23, it mentioned. Out of the total volume, India’s exports stood at USD 51.27 billion USD and its imports at USD 133.19 billion USD.
The ministry stated that the trade deficit is owing to heavy energy dependence of India on Gulf nations and high imports of oil and gas, according to the report. ”Keeping in view India’s energy security needs, the committee desire that the government should keep up the ongoing momentum and make constant efforts to enhance the energy partnership including in the field of renewable energy,” the report said.
When asked to state whether India is planning to take further steps to strengthen its relations with GCC countries and Iran for greater regional security and stability, the MEA responded that New Delhi has always advocated ”dialogue and diplomacy” for peaceful resolution of differences between countries, including in the Gulf region, it said. The parliamentary committee also observed that India’s relation with the GCC plays a pivotal role in the world political arena but the presence of China and Pakistan is ”potential threat” for the position of India in the Gulf region and sought to know the steps being taken by the MEA to neutralise their presence.
”In response, they have been apprised that India continues to strengthen its historical relations with GCC countries across a wide range of areas,” according to the report. ”Our historical and cultural relations and geographic nearness gives us a distinct advantage. India is also working with other like-minded countries on specific issues in the Gulf. The I2U2 is one such grouping,” it said.
The I2U2 is a four-nation grouping. It is known as ’I2U2’ with ”I” standing for India and Israel and ”U” for the US and UAE. The committee noted that the Gulf region is considered as India’s extended neighbourhood and critical for trade, investment, energy and security of Indians living there.
The committee also noted that India is having good long standing relations with all the GCC countries. ”To maintain peace, progress and stability in the region, the committee desires that the government should make constant endeavour to strengthen and deepen its political, economic and cultural ties with the GCC countries,” the report said.
It said India should work with GCC countries to create architecture for safety and security of the region and a coordinated response mechanism to deal with threats. On the initiatives taken under 12U2, the MEA has stated that the grouping demonstrates the strategic convergence of India, Israel, the United Arab Emirates and the US.
”The I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security,” it said. ”It intends to mobilize private sector capital and expertise to help modernise the infrastructure, decarbonise industries, improve public health, and promote the development of critical, emerging and green technologies,” it added.
The MEA said the I2U2 aims to maximize innovation, technology, skilled workforces, and entrepreneurial dynamism in all the four countries to benefit the people in the region.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
