Driven by its booming bilateral trade with the UAE, India's trade with the Middle East has risen three-fold in the past five years to $25 billion, according to the Export-Import Bank of India, the country's premier export finance institution.
While India's exports to the Middle East have risen from $5 billion in 2001-02 to $15 billion in 2005-06, imports from Middle East (excluding oil imports) have gone up from $3 billion to $10 billion during this period.
The Association of Chambers of Commerce has it that India's total exports will grow to a minimum of $125 billion and imports to $190 billion taking the total merchandise foreign trade to $315 billion in 2006-07 - by Isaac John, Chief Business Reporter – Khaleej Times, Dubai, 16 December, 2006.
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