About GCC

• The Gulf Cooperation Council (GCC) is a political and economic union of Arab states bordering the Gulf. 
• It was established in 1981 and its 6 members are the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. 
• The official language is Arabic. 
• The GCC Charter states that the basic objectives are to have coordination, integration and inter-connection between Member States in all fields, strengthening ties between their peoples, formulating similar regulations in various fields such as economy, finance, trade, customs, tourism, etc.

Why in News?

• Representatives of India and Gulf Cooperation Council have decided to pursue negotiations on the India-GCC FTA. 
• Both sides agreed to expedite conclusion of the requisite legal and technical requirements for formal resumption of the FTA negotiations. The FTA is envisaged to be a modern, comprehensive Agreement with substantial coverage of goods and services. Both sides emphasized that the FTA will create new jobs, raise living standards, and provide wider social and economic opportunities in India and all the GCC countries. 
• GCC is currently India’s largest trading partner bloc with bilateral trade in FY 2021-22 valued at over USD 154 billion with exports valued at approximately USD 44 billion and imports of around USD 110 billion (non-oil exports of USD 33.8 Billion and non-oil imports of USD 37.2 Billion). Bilateral trade in services between India and the GCC was valued at around USD 14 billion in FY 2021-22, with exports valued at USD 5.5 Billion and imports at USD 8.3 Billion. 
• GCC countries contribute almost 35% of India’s oil imports and 70% of gas imports. 

reference:

https://pib.gov.in/PressReleasePage.aspx?PRID=1878714