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Our Bureau

New Delhi, Sept. 15

The two-way trade between India and the Gulf Cooperation Council (GCC) will have the potential of touching a level of $25 billion by 2010, which at present stands at around $16 billion, according to a White Paper on `Indo-GCC Trade Prospects' prepared by the Assocham.

Of the projected $25 billion two-way trade, exports by India will account for $15 billion while its imports will go up to $10 billion by 2010. Out of the current level of two-way trade at $16.3 billion, India's exports to GCC comprise $9.4 billion against its imports at $6.9 billion, says the paper.

Crude oil import from GCC countries will form major part of India's import basket as manufacturing in the domestic industry will accelerate substantially, and lead to higher energy demand for the domestic industry, according to the chamber.

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