Joint Action Plan 2024-2028 India and the Gulf Cooperation Council (GCC) recently held their first-ever Foreign Ministers meeting in Riyadh, where they adopted the plan.
Key Outcomes of the Ministerial Meeting:
Joint Action Plan 2024-2028:
- Adopted to guide joint activities in multiple areas including health, trade, security, agriculture and food security, transportation, energy, and culture.
- Provision to include additional areas of cooperation based on mutual consensus in the future.
3P Framework:
- People: Emphasis on strengthening people-to-people ties between India and GCC countries.
- Prosperity: Focus on enhancing economic growth and mutual prosperity.
- Progress: Commitment to advancing cooperation in various sectors for mutual benefit.
Humanitarian Crisis in Gaza:
- India’s position on the Gaza conflict remains principled, advocating for a ceasefire and adherence to humanitarian law.
- Continued support for a two-state solution and assistance in building Palestinian institutional capacities.
India-GCC Relations:
Political Ties:
- The first India-GCC Political Dialogue occurred in 2003.
- Strategic partnerships are currently established with Saudi Arabia, UAE, and Oman.
Trade and Investment:
- Bilateral trade reached USD 161.59 billion in FY 2023-24.
- UAE is the 7th largest source of Foreign Direct Investment (FDI) in India.
- Exports from India: USD 56.3 billion.
- Imports to India: USD 105.3 billion.
Diaspora:
- Approximately 8.9 million Indian expatriates reside in GCC countries, representing 66% of Non-Resident Indians (NRIs).
- Inward remittances from GCC countries account for about 30% of total remittances (2020-21).
Energy:
- GCC countries supply 35% of India’s oil imports and 70% of its gas imports.
Strategic Context:
- The GCC constitutes India’s “immediate” neighborhood, separated only by the Arabian Sea.
- The region’s geopolitical significance is highlighted in the context of global peace, security, and stability.
- The recent foreign ministers’ meetings, including those with Russia and Brazil, are part of a broader diplomatic engagement ahead of major international summits.
About the Gulf Cooperation Council (GCC):
- Objective: To achieve unity among member states based on common objectives and similar political and cultural identities.
- Established: 1981
- Headquarters: Riyadh, Saudi Arabia
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Frequently Asked Question:
What is the India-GCC Joint Action Plan 2024-2028?
It is a framework to guide joint activities between India and GCC countries in areas like trade, health, security, and energy from 2024 to 2028.
What is the 3P Framework in the India-GCC Joint Action Plan?
The 3P framework focuses on People (enhancing ties), Prosperity (economic growth), and Progress (advancing cooperation).
How much was the bilateral trade between India and GCC in FY 2023-24?
The bilateral trade between India and GCC reached USD 161.59 billion in FY 2023-24.
How many Indian expatriates live in GCC countries?
Approximately 8.9 million Indian expatriates live in GCC countries, accounting for 66% of all Non-Resident Indians.
What is the GCC’s contribution to India’s energy imports?
GCC countries supply 35% of India’s oil imports and 70% of its gas imports.