LOC18:51
15:51 GMT
NEW DELHI, Feb 5 (KUNA) -- India and the GCC on Thursday signed Terms of Reference for India-GCC Free Trade Agreement in New Delhi.
A statement from the Indian Ministry of Commerce and Industry said that the Terms of Reference for the India-GCC Free Trade Agreement was signed between Additional Secretary and Chief Negotiator, Department of Commerce of India Ajay Bhadoo and Chief Negotiator, Secretariat General of the GCC Raja Al-Marzouqi.
Indian Minister of Commerce and Industry Piyush Goyal, Minister of State for Commerce and Industry Jitin Prasada and Commerce Secretary Rajesh Agrawal were present on the occasion. The Terms of Reference will guide the negotiations for the GCC-India FTA by defining its scope and modalities.
Goyal stressed that the FTA will be a force multiplier for the global good and the FTA will bring predictability and stability, taking the relationship between the two sides to greater heights.
He expressed confidence that FTA will enable seamless flow of goods, and services and attract investments while expanding job opportunities and fostering food and energy security for the region, elevating the deep economic ties between the two sides.
Al-Marzouqi underscored that the GCC and India have shared historic trade relations and the signing of Terms of Reference marks the commencement of negotiations towards a mutually beneficial FTA. He also stressed that the FTA will further reinforce relations between India and GCC in the context of ongoing global uncertainties.
India's trade with GCC stood at USD 178.56 billion in FY 2024-25, accounting for 15.42 percent of India's global trade, the statement pointed out.
Indian exports to GCC include engineering goods, rice, textiles, machinery, gems and jewelry while major imports from GCC primarily comprise crude oil, LNG, petrochemicals, and precious metals such as gold.
The GCC countries represent a market of 61.5 million people and USD 2.3 trillion in terms of GDP, ranking 9th globally in this category. The GCC region is also a significant source of FDI for India, with cumulative investments exceeding USD 31.14 billion as on September 2025. (end)
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