India-Bahrain non-oil trade reaches $776 million in 2024

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

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Non-oil trade between India and Bahrain has risen to $776.03 million from January to August this year. India exported goods valued at $532.36 million and imported $243.03 million during this timeframe.

In 2023, India held the position of Bahrain’s sixth-largest export partner and seventh-largest import partner, securing its spot among the Kingdom’s top ten trading allies.

Bahrain has drawn substantial Indian investments across a range of sectors, including hightech cement, electrical machinery, information technology, medical services, and coatings.

Over the past five years, these investments have surpassed $2 billion, reflecting India’s essential role in Bahrain’s economy.

Cooperation also extends to education and essential goods, particularly food security, areas critical for trade and partnership.

The Indian expatriate community in Bahrain, now numbering over 350,000, is integral to this relationship, enriching the economy while contributing to a vibrant cultural dialogue that benefits both nations.

In recent years, India’s nonoil exports to Bahrain have increased from $768 million in 2018 to $904 million in 2022. Key exports include refined petroleum, iron and steel products, and organic chemicals.

Meanwhile, Bahrain’s non-oil exports to India have risen from $314 million in 2018 to $500 million, with aluminium, iron ore, and petrochemicals leading the way.

A Framework Agreement on Economic Cooperation between India and the Gulf Cooperation Council (GCC) was signed on 25th August 2004, establishing a foundation for enhancing trade relations and initiating discussions regarding a Free Trade Agreement (FTA).

Negotiations began with the GCC, resulting in two rounds held in 2006 and 2008.

However, a third round has yet to take place, as the GCC has paused negotiations with all countries while reviewing its positions.

Efforts are being made through various bilateral and multilateral forums to resume discussions at the earliest opportunity