India GCC Trade Organization

GCC Ties Propel Malaysian SMEs To New Heights Malaysian SMEs thrive globally through strategic Bahrain partnerships, leveraging GCC ties to expand markets, boost trade, and showcase innovation. Malaysian Small and Medium Enterprises (SMEs) are making groundbreaking strides into the global market, capitalizing on Malaysia’s strengthened diplomatic and trade ties with the Gulf Cooperation Council (GCC). In a landmark move, three prominent Malaysian franchises—Hainan Village Malayan Kopitiam Group, Pink Tower Childcare Group, and Uni Smart Pest Control Group—have entered into a Memorandum of Understanding (MOU) with MGSG International Limited in Bahrain. This milestone partnership paves the way for Malaysian businesses to showcase their products and services across Bahrain and the broader GCC region. The MOU signing, held at the Malaysian Embassy in Bahrain and witnessed by His Excellency Shazryll Zahiran, Malaysian Ambassador to Bahrain, symbolizes a crucial leap in Malaysia’s internationalization strategy. This collaboration also marks the 50th anniversary of Malaysia-Bahrain diplomatic relations, underlining the nations’ deepening economic partnership and the strategic role of the GCC bloc. Leveraging the Malaysia-GCC Trade Momentum The partnership comes at a pivotal time as Malaysia and the GCC work towards finalizing a historic Free Trade Agreement (FTA). The FTA promises to reduce trade barriers, enhance market access, and simplify regulatory requirements, providing Malaysian SMEs unprecedented opportunities to expand globally. Trade data underscores the significance of this initiative. In 2023, bilateral trade between Malaysia and Bahrain grew by 5%, reaching RM639.1 million. The anticipated FTA will further strengthen this relationship, opening up new avenues for SMEs to explore the GCC’s lucrative markets. “This MOU exemplifies how Malaysian SMEs are proactively leveraging diplomatic and economic initiatives to access new markets,” said Dato’ Dr Denming Ho, Director of Hainan Village Malayan Kopitiam Group and franchise delegation leader. “By entering Bahrain, we are opening doors to the larger GCC market, bringing our unique Malaysian products and services to a discerning and diverse audience.” #gcccountries #GCCEconomies #bilateralcoordination #internationalrelations #internationalaffairs

EU-GCC Trade cooperation: Elevating it to the next level The Euro-GCC Economic Initiative Launch Event being organized on the 12th and 13th of November in Bucharest is taking place amidst big geo-political changes. Not only is the European Commission shaking up its team with a new college of commissioners under the leadership of Ursula Von Der Leyen (mark II) and the European Parliament and the Council of Ministers set to implement a new strategic partnership with the Gulf. #GCCEconomies #gcccountries #bilateralcoordination #internationalrelations #internationalaffairs

New Zealand seals trade deal with GCC to boost exports, investment The trade pact would remove tariffs for 51 per cent of New Zealand’s exports to the region from day one New Zealand has reached a free trade agreement with the six-nation Gulf Cooperation Council (GCC), which includes Saudi Arabia, Qatar, and the UAE, a deal that will open up significant opportunities for Kiwi exporters in the Middle East. “The trade pact would remove tariffs for 51 per cent of New Zealand’s exports to the region from day one, and when combined with our recently concluded NZ-UAE CEPA, 51 per cent of our exports to the region will be tariff-free from day one,” New Zealand Trade Minister Todd McClay said in a statement late on Thursday. New Zealand and GCC trade is worth over $1.79bn (NZD3bn) annually, with New Zealand exporting NZD2.6bn in the year to June 2024, including NZD1.8bn of dairy, NZD260m of red meat, NZD72m of horticulture and NZD70m of travel and tourism services. Jasem Mohamed Albudaiwi, the GCC’s secretary general, said the volume of trade exchange between the GCC countries and New Zealand reached approximately $2.9bn in 2023, with GCC exports valued at $1.75bn and imports at $1.19bn. Albudaiwi expects the trade pact to drive economic growth and development in both countries by facilitating trade, attracting investment, and creating new opportunities for businesses and industries. Meanwhile, the trade agreement with the GCC states comes after New Zealand reached a trade deal with the UAE in September. The pact seeks to advance bilateral trade flows, remove trade barriers, and improve market access for merchandise and service exports. The trade agreement between New Zealand and the UAE will remove tariffs on about 98.5 per cent of New Zealand’s exports immediately upon implementation, rising to 99 per cent within three years. It builds on the growing economic relations between the two countries, with bilateral non-oil trade reaching Dhs3bn (NZD1.3bn) in H1 2024. #gcccountries #bilateralcoordination #internationalrelations #internationalaffairs #GCCEconomies

Trade Minister to attend GCC trade discussions in Doha Trade Minister, Todd McClay, will hold trade discussions with Gulf Cooperation Council (GCC) trade ministers in Doha this week. Minister McClay is set to meet with all six GCC Trade Ministers, as well as the GCC Secretary General. “This will be my seventh visit to the region this year including two Ministerial meetings with Saudi Arabia following reengagement at the WTO Ministerial Meeting in Abu Dhabi in February of this year,” said Mr McClay. New Zealand’s goods and services exports to the Gulf region totalled $2.6 billion in the year to June 2024. “The GCC is an important economic partner for New Zealand and an important part of meeting our ambitious target of doubling exports by value in 10 years. “Growing New Zealand’s trade relationships is part of our plan to grow the economy, lift incomes for kiwis, and create jobs.” #GCCEconomies #gcccountries #bilateralcoordination #InternationalRelations #InternationalAffairs

Appointment of Bency George as the Director of India GCC Trade Council. India GCC Trade Council announced that Bency George, Director of the Indian Economic Trade Organization for corporate international relations has been appointed to the India GCC Trade Council board of directors. Mr. George will serve on India GCC Council’s Nominating & Governance Committee and Free Trade Agreement & Human Resources Committee. “We are pleased to welcome a leader of such caliber to our board,” said Saad Al Dabbagh, Chairman of the board . “With Bency’s leadership history of driving growth and change in the bilateral trade diplomacy, India GCC Trade Council is well positioned to help the business and trade companies build a better, more sustainable world and deliver long-term profitable growth.” Bency Georg serving after four years as Director of Asian Arab Chamber of Commerce, a huge global organization engaged in integrating economic diplomacy that manage export development, IT Education, engineering, large-scale IT modernization, and security, logistics, simulation and data analytics for government bodies. He was appointed to the position of Director and elected after having served as Chief Operating Officer of India Africa Trade Council as the Director of Global Markets & Missions from 2022-2023 Mr. Bency is currently touring the Middle east to gather industry inputs for the execution of the India GCC Free Trade Agreement. Mr Bency George is also instrumental in organizing various high level conferences of international nature comprising heads of state and ambassadors of various countries. As a director of IETO, he has supported the corporate activities by coordinating with large companies to set up operations in various countries. #gcccountries #GCCEconomies #bilateralcoordination #İnternationalrelations #internationalaffairs #indiagcc

Qatar pitches for efforts to boost intra-GCC trade Qatar on Sunday pitched for enhanced growth in trade among the Gulf Co-operation Council (GCC) countries by eliminating obstacles to foster economic and trade integration as well as raise the level of intra-GCC trade. #GCCEconomies #gcccountries #bilateralcoordination #internationalaffairs #internationalrelations

GCC Africa Trade Conference: Enhancing Economic Ties The GCC Africa Trade Conference was held in Dubai UAE with the participation of global speakers which addressed the bridging gaps between GCC countries and Africa. The India GCC Trade Council, under the patronage of the INDIAN ECONOMIC TRADE ORGANIZATION (IETO), successfully organized the GCC and Africa Conclave 2024 in #Dubai. The discussions revolved around strengthening the #GCC–#Africa economic relations and identifying solutions to drive growth and collaboration across industries. #gcccountries #bilateralcoordination #internationalrelations #InternationalAffairs #GCCEconomies #indianeconomictradeorganization #indiagcc #gccafrica

India-GCC trade hits $162 billion, growing ties in energy, defence, and tech The Gulf Cooperation Council (GCC) now contributes 15% to India’s total trade, with bilateral trade between India and the region reaching USD 162 billion last year, said Aseem R Mahajan, Joint Secretary – Gulf, Ministry of External Affairs. Addressing the ‘India MENA Business Dialogue: Bridging Economics, Fostering Growth’ organized by FICCI, Mahajan highlighted the growing multi-faceted partnership between India and the Gulf, encompassing sectors such as energy, defense, security, and health. #GCCEconomies #gcccountries #bilateralcoordination #gccdelegation #internationalrelations #InternationalAffairs #indiagcc #gcceducation .

Gulf countries’ investments in Azerbaijan hit $4 billion Up to now, Gulf Cooperation Council (GCC) countries have invested 4 billion dollars into the Azerbaijani economy, Yusif Abdullayev, Executive Director of Azerbaijan’s Export and Investment Promotion Agency (AZPROMO), said on Thursday He made the remarks at the 2nd Azerbaijan-GCC Economic Forum in Baku, News.Az reports. Abdullayev noted that the trade turnover between Azerbaijan and the GCC countries increased 2.5 times last year to stand at 175 million dollars. “However, the potential has not been fully implemented. I believe that this forum will allow us to reconsider this perspective,” he added. The forum featured discussions on cooperation in the renewable, clean energy, electricity and water fields with the Gulf countries, problems and opportunities in the transport and logistics sectors between GCC and Azerbaijan. #GCCEconomies #gcccountries #gccdelegation #InternationalAffairs #bilateralcoordination #internationalrelations

Expanding India-GCC ties During the first India-GCC Joint Ministerial Meeting in Riyadh, the two sides emphasised on the significance of strengthening cooperation across various sectors. During the first India-GCC Joint Ministerial Meeting for Strategic Dialogue, held in Riyadh on September 9, the two sides emphasised on the significance of bolstering cooperation across various sectors, including trade, investments, energy, infrastructure, and healthcare. #indianeconomictradeorganization #indiagcc #gccdelegation #bilateralcoordination #GCCEconomies #GCCcountries #InternationalRelations #internationalaffairs