Post by : Bianca
Haleem
The Gulf Cooperation Council (GCC) and the India have officially signed a joint statement to start negotiations for a Free Trade Agreement (FTA), marking a major step in strengthening economic ties between the two sides.
The joint statement was signed by GCC Secretary-General Jasem Mohamed Albudaiwi and India’s Minister of Commerce and Industry Piyush Goyal.
After the signing, Albudaiwi said the agreement opens a new chapter in the strategic partnership between the GCC and India. He highlighted that India is one of the GCC’s key global trading partners. The growing trade volume and cooperation in important sectors such as energy, food security, and technology make deeper collaboration a strategic economic need.
He also noted that India is a global hub for innovation and industry, as well as a large and promising market for GCC countries.
Albudaiwi stated that the Terms of Reference signed on February 5 provide a clear and comprehensive framework for the upcoming negotiations.
Both sides agreed to explore cooperation in several key areas, including:
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Trade in Goods
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Customs Procedures
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Trade in Services
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Digital Trade
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Sanitary and Phytosanitary (SPS) Measures
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Intellectual Property Rights
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Support for Micro, Small, and Medium Enterprises (MSMEs)
The framework also includes other areas of mutual interest, showing the broad and future-focused nature of the proposed agreement.
The GCC Secretary-General expressed hope that the negotiations will lead to a comprehensive and ambitious FTA. The goal is to remove tariff and non-tariff barriers, promote quality investments in both directions, and increase trade and investment liberalization between the GCC and India.
Following the signing ceremony, Albudaiwi and Goyal held a bilateral meeting. During the meeting, they discussed ways to strengthen joint cooperation and expand economic, trade, and investment partnerships for mutual benefit.
The launch of FTA negotiations signals a strong commitment from both sides to build a deeper and more strategic economic partnership in the coming years.
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