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?

• Bilateral Trade between India and the GCC grew from US$ 87.35 billion in FY 2020-21 to US$ 154.66 billion in FY 2021-22, registering an increase of 77.06% on a year-on-year basis. 
• During the current FY 2022-23, for the period April-October 2022, bilateral trade between India and the GCC stood at US$ 111.71 billion, up from US$ 79.49 billion during the same period in FY 2021-22. This is an increase of 40.53% on a year-on-year basis. 

reference:

https://pib.gov.in/PressReleasePage.aspx?PRID=1885385