The UAE has proposed the creation of an Indo-Arabic
trading bloc to ensure mutual long-term regional prosperity
and growth. India and the GCC, of which the United Arab
Emirates is a part, are already negotiating a free trade
total annual trade with the Gulf Cooperation Council
(GCC) exceeds $15 billion, representing 15 per cent
of the country''s total foreign trade.
to Shaikha Lubna al Qasimi, UAE''s economy minister,
trade exchange between India and the UAE had grown from
spices in the early days to oil, infrastructure materials
and hi-tech products today.
was speaking at the opening of the 6th Indo-Arab Conference
and the Exhibition of Indian products held in Sharjah.
Shaikha Lubna said that an economic block would help
unite India and the Arab world.
Lubna also noted that Gulf countries host more than
six million Indians who transfer about $20 billion annually
to their home country.
needs to attract mover Arab investment and in return
world could benefit from Indian achievements in medical
science, engineering, manufacturing, education and information