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The GCC India’s next big opportunity

This lucrative market offers the Indian apparel industry a golden opportunity to forge solid partnerships with the GCC, Indiau2019s largest trading bloc.

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The GCC India’s next big opportunity

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  1. The GCC: India’s next big opportunity This lucrative market offers the Indian apparel industry a golden opportunity to forge solid partnerships with the GCC, India’s largest trading bloc. The Gulf Cooperation Council (GCC) unites six Arab powerhouses—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE—to boost political and economic collaboration. Known for their vast wealth and boundless opportunities, these nations are set to become the next epicentre of global apparel dominance. This lucrative market offers a golden opportunity for the Indian apparel industry to forge solid partnerships with the GCC, which is India’s largest trading bloc. In FY 2022–23, trade with the GCC accounted for 15.8 per cent of India’s total trade, surpassing the 11.6 per cent share with the European Union. Excitingly, India and the GCC have resumed talks to finalise a free trade agreement, promising new business opportunities for both sides. India has already signed a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, significantly boosting trade. Bilateral trade has grown from US $ 72.9 billion to US $ 84.5 billion, marking a year-on-year increase of 16 per cent. Economic landscape and apparel market projections A recent report by the Boston Consulting Group (BCG) predicts that the financial wealth of GCC will grow steadily, with a Compound Annual Growth Rate (CAGR) of 4.7 per cent from US $2.8 trillion to US $3.5 trillion between 2022 and 2027, impacting various sectors, including the Apparel Industry Apparel Industry. If you want to read this and other Fashion and Apparel Industry articles, Apparel & Garments News, Apparel Industry updates related news Click here: - apparelresources.com

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