India and the Gulf Cooperation Council signed the Joint Statement on the India-GCC Free Trade Agreement in New Delhi. The statement was signed between Commerce and Industry Minister Piyush Goyal and Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi.
Speaking on the occasion, Mr Goyal said that the Statement along with the Terms of Reference (ToR) for the FTA, which were signed on the 5th of this month, marks a significant milestone in the relationship between India and GCC countries. He underscored that the relationship between India and GCC countries is deeply rooted in shared history and cultural linkages, and it will get further impetus from a broad-based and mutually beneficial FTA. He underlined that, amidst global uncertainties, it is most opportune that discussions are starting on negotiating a robust trading arrangement which would harness mutual synergies and complementarities.
The Ministry of Commerce and Industry said that the FTA holds significant potential to unlock and expand trade. It noted that the GCC is India’s largest trading partner bloc, with bilateral trade reaching over 178 billion dollars. The signing, which took place in the presence of the distinguished delegations and representatives of both parties, marked the formal launch of negotiations for a comprehensive and mutually beneficial agreement.
