Abu Dhabi, Oct 9 (IANS) Bilateral trade between the United Arab Emirates (UAE) and India was worth $44.5 billion in 2008-2009, WAM news agency reported Friday, citing India's Minister of State for External Affairs Shashi Tharoor.
This accounts for about half of India's total trade in the Gulf region. The figure is excluding the oil sector. India's trade with the six-member Gulf Cooperation Council (GCC) reached $86.9 billion, putting it ahead of the European Union ($80.6 billion) and ASEAN countries ($44.6 billion).
"The UAE is, therefore, well ahead of the US and China whose trade with the subcontinent were valued at $40.6 and $38.9 respectively," the Indian minister told reporters here during a recent visit to the country.
A breakdown of the figures shows the UAE was on top of India's export destinations with a total of $24 billion.
However, the $20.6 billion in imports for the same period puts the UAE in the second place on India's top imports after China ($31.3 billion) but ahead of Saudi Arabia ($19.4 billion).
Total remittances to India from the UAE in 2008-2009 were about $10-12 billion, around one-third of the total remittances from the GCC, according to Tharoor.
India, however, is looking forward to add more impetus to the already strong and long-standing economic ties with the UAE with a focus on investments, Tharoor stressed.
On his first official visit to the UAE and GCC as minister, Tharoor held a series of high-profile meetings.
The UAE was the last leg in Tharoor's regional tour that also took him to Bahrain.