• UGI USER
  • Sep 09, 2024
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External Affairs Minister Dr. S. Jaishankar to Attend India-GCC Meeting in Riyadh

Why in the news?

External Affairs Minister Dr. S. Jaishankar will attend the first-ever India-GCC Foreign Ministers’ Meeting in Riyadh, aimed at strengthening ties and fostering collaboration with Gulf nations.

 

About India-GCC Foreign Ministers’ Meeting in Riyadh:

  • External Affairs Minister Dr. S. Jaishankar will attend the inaugural India-Gulf Cooperation Council (GCC) Foreign Ministers’ Meeting in Riyadh, Saudi Arabia.
  • The visit aims to strengthen institutional cooperation between India and GCC countries in various sectors.
  • GCC is a major trading partner for India and home to approximately 8.9 million Indian expatriates.
  • Jaishankar will also hold bilateral meetings with GCC member countries’ foreign ministers.

About Gulf Cooperation Council (GCC):

  • GCC is a political and economic alliance of six countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE.
  • Established in 1981 to promote cooperation in economic, security, cultural, and social areas.
  • Holds annual summits to discuss regional affairs.

Significance of GCC for India:

  • Energy Security: GCC holds nearly 50% of the world’s oil reserves; accounts for 34% of India’s crude oil imports.
  • Trade & Investments: Expanding sectors like tourism, construction, and finance offer investment opportunities for India.
  • Indian Diaspora: 8.9 million Indians live in the Middle East; 30% of India’s remittances come from this region.
  • Geostrategic: India and GCC aim for regional political stability and security.