.jpg?20260216')
India and the six-nation GCC have agreed on the terms to start negotiations for a free trade agreement, India’s trade â minister Piyush Goyal has confirmed.
The official stated that Indian industries, particularly petrochemicals and information and communication technology, stand to benefit significantly, with ICT companies gaining new opportunities in the expanding GCC market.
He added that the partnership would also see the establishment of a foundation to jointly develop infrastructure in both India and the six countries that are members of the Gulf organisation.
India was the GCC’s second-largest merchandise trade partner in 2024 with $157.9 billion in bilateral trade, according to the bloc’s November trade bulletin, and the negotiations come as the Gulf organisation pursues new trade agreements with major economies, including the UK, the EU, and China.
Addressing the gathering at the signing ceremony of the Terms of Reference with the GCC yesterday, Goyal said: “It is most appropriate that we now enter into a much stronger and robust trading arrangement, which will enable a greater free flow of goods and services, bring stability to policy, help encourage a greater degree of investments, and take our bilateral relations between the six nations, the GCC group and India to greater heights.”
Goyal went on to say: “The agreement with the GCC group of six countries will further strengthen our relations, both on geopolitical and trading elements, and will help draw greater amounts of investments and create job opportunities for Indians, both in the GCC nations and in India.”
The minister stated that India’s free trade agreements with developed economies provide significant benefits.
In a Press release, Raja Al Marzouqi, general co-ordinator for negotiations and head of the GCC’s negotiating team, stressed that the signing reflects the organisation’s commitment to strengthening the strategic partnership with India, a key regional trading partner.
&uuid=(email))