RIYADH, Feb 24 (KUNA) -- Secretary General of the Gulf Cooperation Council (GCC) Jassim Al-Budaiwi affirmed Tuesday that the launch of talks for a Free Trade Agreement (FTA) between the GCC and India marks a new phase of strategic partnership.
In a statement, the GCC General Secretariat said the remarks were made during the signing ceremony of a joint statement to launch FTA negotiations between Al-Budaiwi and India's Minister of Commerce and Industry Piyush Goyal in the Indian capital, New Delhi.
Al-Budaiwi stressed that the ties between the GCC member states and India go beyond transient economic interests, describing them as deep-rooted historical relations strengthened by centuries of cultural and social rapprochement. He noted that these ties reflect the shared vision of Their Majesties and Highnesses, the leaders of the GCC countries, to enhance cooperation across all fields in a way that achieves mutual interests.
He pointed out that India is one of the GCC's most important global trading partners, adding that the growing volume of trade exchange and integration in vital sectors such as energy, food security and technology make deepening cooperation a strategic economic necessity. India, he said, is not only a vast and promising market but also a global hub for innovation and industry that the GCC is proud to partner with.
Al-Budaiwi added that the terms of reference signed on February 5, 2026 provide a comprehensive and clear framework for the negotiations. Both sides agreed to explore enhancing cooperation in key strategic areas, including trade in goods, customs procedures, trade in services and digital trade.
The framework also covers sanitary and phytosanitary measures (SPS), intellectual property rights, and cooperation on micro, small and medium-sized enterprises (MSMEs), in addition to other topics of mutual interest, reflecting the comprehensive nature of the agreement and its capacity to keep pace with the future economy. (end) kns.aa