India–Gulf Cooperation Council (GCC) Joint Ministerial Meeting

Daily Current Affairs

12-09-2024

India–Gulf Cooperation Council (GCC) Joint Ministerial Meeting

IN NEWS

1. Joint Action Plan 2024-2028 was adopted at the recently held 1st ever India–Gulf Cooperation Council (GCC) Joint Ministerial Meeting for Strategic Dialogue.
2. Key Outcomes of the Ministerial Meeting Joint Action Plan 2024-2028:

• for undertaking various joint activities in diverse areas including health, trade, security, agriculture and food security, transportation, energy, culture, amongst others.
• More areas of cooperation can be included in the Joint Action Plan, based on mutual consensus, later on.

KEY FEATURES

1. 3P Framework: India affirmed framework of 3Ps—People, Prosperity and Progress to enhance partnership between India & GCC.
2. Humanitarian crisis in Gaza: External Affairs Minister states that India’s position has been principled and consistent and any response must take into account the principles of humanitarian law.
3. India-GCC Relations Political:

• 1st India-GCC Political Dialogue was held in 2003.
• Currently, India has strategic partnerships with Saudi Arabia, UAE, & Oman.

1. Trade & Investment: Bilateral trade stood at USD 161.59 billion in FY 2023-24.
2. UAE is the 7th largest source of FDI in India.
3. Diaspora: Approximately 8.9 million Indian expats (66% of NRIs) reside in GCC countries.
4. Share of inward remittances from the GCC region are about 30% (2020-21).
5. Energy: GCC countries contribute to 35% of India’s oil imports and 70% of gas imports

ABOUT GCC

• It holds a summit every year to discuss cooperation and regional affairs.

• The Gulf Cooperation Council (GCC) is a political and economic alliance of six countries in the Arabian Peninsula.
• These six countries are: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
• Established in 1981, the GCC promotes economic, security, cultural and social cooperation between the six states.