Industry body Associated Chambers of Commerce and Industry of India (Assocham) has estimated that Indo-Arab trade and services are likely to grow to $150 billion by 2012 and could reach to the extent of $500 billion in the next 10 years.
A paper brought out by Assocham, named "Indo-Gulf: Emerging Avenues for Exports and Investments", reveals that India's total trade with the Arab world during 2007-08 was $87 billion which touched $100 billion in the 2008-09, said a release issued here.
The paper points out that the Gulf Cooperation Council (GCC) could become India's first global partner instead of the US, provided the government and the business community pay attention to the trade and exports particularly in the knowledge based industries.
Over a dozen ambassadors from Gulf countries including UAE, Kuwait, Saudi Arabia and Oman will assemble here to explore possibilities of export potential from Punjab and Haryana to Gulf nations in areas of hosiery, automobiles, components, cycle and textiles.
Likewise, the Gulf ambassadors will also lobby for direct exports from the Middle East to Punjab in areas of petroleum, petrochemicals and heavy engineering, the release said.
The Arab countries account for 20 per cent of India's total trade and are the source of two-thirds of the country's energy requirements.