India and GCC Forge Path to New FTA: A Strategic Alliance

In a significant development, India and the Gulf Cooperation Council (GCC) have inked the Terms of Reference for a Free Trade Agreement (FTA), showcasing a deepening strategic alliance. Chief Negotiator for GCC, Raja Al Marzouki, emphasized the agreement's importance amidst the current global challenges.

The GCC, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, sends a strong signal to the international community by endorsing this agreement, said Al Marzouki. He invited the Indian delegation to commence talks in Riyadh, a move hailed as an opportunity to foster closer economic ties.

Commerce Minister Piyush Goyal highlighted the longstanding trade relations between the two regions, underscoring the need for a robust trade framework. The FTA aims to promote investment and policy predictability, further solidifying India-GCC relations. With a shared goal of economic growth, this accord represents a pivotal step toward realizing India's aspirations of becoming a developed nation by 2047.