India and GCC begin talks for free trade pact

India and the six-nation bloc of Middle Eastern nations, the Gulf Cooperation Council (GCC), started negotiations for a proposed free trade agreement (FTA), an official statement said on Tuesday.

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In this regard, a joint statement was signed between the visiting Secretary General of the council, Jasem Mohammad Al Budaiwi, and Commerce and Industry Minister Piyush Goyal here.

“The Joint Statement on the India-GCC FTA... in New Delhi formally launching negotiations for a comprehensive and mutually beneficial agreement,” the commerce ministry said.

Al Budaiwi emphasised that the FTA will serve as an important tool to further strengthen trade and investment ties between India and GCC countries by infusing predictability and certainty for businesses.

GCC is India’s largest trading partner bloc, with bilateral trade reaching $178.56 billion (exports worth $56.87 billion and imports valued at $121.68 billion) in 2024-25, accounting for 15.42 per cent of India’s global trade.