GCC, India launch free trade agreement negotiations

New Delhi: The Gulf Cooperation Council (GCC) and the Republic of India signed a joint statement to launch negotiations for a Free Trade Agreement (FT...

New Delhi: The Gulf Cooperation Council (GCC) and the Republic of India signed a joint statement to launch negotiations for a Free Trade Agreement (FTA) between the two sides.

The joint statement was signed by GCC Secretary-General, Jasem Mohamed Albudaiwi, and Minister of Commerce and Industry of the Republic of India, Piyush Goyal.

Following the signing, the GCCSG stated that the joint statement represents a new phase in the strategic partnership between the two sides and contributes to strengthening close cooperation and economic and trade ties.

He added that India is one of the GCC's key global trading partners, and that the growing volume of trade and integration in vital sectors such as energy, food security, and technology makes deepening this cooperation a strategic economic necessity. He noted that India is a global hub for innovation and industry, as well as a large and promising market.

Albudaiwi noted that the terms of reference signed on February 5 provide a comprehensive and clear framework for these negotiations.