India and the Gulf Cooperation Council (GCC) signed the Joint Statement on the India-GCC Free Trade Agreement in New Delhi today. The statement was signed by Commerce and Industry Minister Piyush Goyal and the Secretary General of the GCC, Jasem Mohamed Albudaiwi.
Speaking on the occasion, Mr. Goyal stated 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 emphasized that the relationship between India and GCC countries is deeply rooted in shared history and cultural linkages, and it will be further strengthened by a comprehensive and mutually beneficial FTA. He also highlighted that, amidst global uncertainties, it is a timely opportunity to initiate discussions on negotiating a robust trading arrangement that would harness mutual synergies and complementarities.
The Ministry of Commerce and Industry stated 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. The signing, which took place in the presence of distinguished delegations and representatives from both parties, marked the formal launch of negotiations for a comprehensive and mutually beneficial agreement.
