Huge untapped potential to expand trade ties between India and Gulf region: MEA official

Huge untapped potential to expand trade ties between India and Gulf region: MEA official

• By Staff Writer

Huge untapped potential to expand trade ties between India and Gulf region: MEA official

There is a huge potential to expand economic engagement between India and the Gulf region including through diversification of the trade basket beyond hydrocarbons, a senior official of the Ministry of External Affairs (MEA) said on Wednesday.

Secretary in the MEA Sanjay Bhattacharyya, in an address at a seminar, also said both sides can explore forging of partnerships to develop oil and gas reserves in various parts of India.

"Developing the significant fields in Kutch district, Cauvery basin, Mahanadi basin, Hugli basin and offshore locations in Bay of Bengal will broaden hydrocarbon production and provide win-win solutions longer into the future," he said.

The senior diplomat said implementation of joint projects on both sides and in third countries, stronger corporate presence, expansion of connectivity and people-to-people exchanges can add a new dimension to the already strong ties.

Bhattacharyya, who heads the Overseas Indian Affairs as well as the Consular, Passport and Visa division in the MEA, also said diversification of the trade basket beyond hydrocarbons can give new impetus to trade relations between India and the Gulf region.

Fifty-three per cent of India's oil imports and 41 per cent of gas imports come from the region.

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