By IANS,
New Delhi: India’s trade with the Arab countries dropped to Rs.6 trillion ($120 billion) during 2008-09 from Rs.7.9 trillion in the previous year, parliament was informed Wednesday.
“So far, no pacts have been signed with the Arab world. It is a constant endeavour of the government to enhance trade with all the countries for mutual benefit,” Minister of State for Commerce and Industry Jyotiraditya Scindia told the Rajya Sabha.
India’s trade during the last fiscal grew with Arab countries like the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Lebanon and Bahrain from the year earlier.
But owing to the economic slowdown worldwide and other factors, India’s trade fell compared to the 2007-08 fiscal with countries like Iraq, Jordan, Oman, Syria and Yemen, according to official data tabled in parliament.
In the case of Iraq, trade with India fell from $71 billion (2007-08) to merely $8.147 billion, the official data said.
Last month, Commerce and Industry Minister Anand Sharma, at the inaugural of the second India-Arab Investment Projects Conclave (IAIPC) here, said India intended to double bilateral trade with the Arab world by 2014.
The Arab League has 22 member countries.