Indo-Arab trade to cross 55 bn dlr by 2010
India and Arab nations are forging stronger trade relations and two way trade between them, which crossed 24 billion dollar in FY07, is expected to cross 55 billion dollar by 2010.
By PTI |
NEW DELHI: India and Arab nations are forging stronger trade relations and two way trade between them, which crossed 24 billion dollar in FY07, is expected to cross 55 billion dollar by 2010.
"The two-way trade of India and Arab League of Nations has jumped by 20 per cent to 24 billion dollars in 2006-07 from 20 billion dollars in 2005-06, the potential for the trade will rise manifold...," Secretary General and Chief of Cabinet of League of Arab States, Heshm Youssef said at an Assocham organised conference here.
He, however, clarified that the projections do not include oil trade and the 55 billion dollars worth trade projected by 2010 is excluding oil commodities.
"India and Arab League have also jointly mooted a proposal for setting up an investment forum to increase economic cooperation in different fields," he added.
The similarities between India and Gulf Countries would play a key role in the growth of trade between then and this would also encourage big companies to invest in each other's countries in a significant manner, Assocham said in a release.
India and Arab League are also in favour of finalising the bilateral trade agreement in the current fiscal itself to explore trade opportunities.
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