Daijiworld Media Network – New Delhi

New Delhi, Feb 5: India and the six-nation Gulf Cooperation Council (GCC) have agreed on the terms to formally commence negotiations for a free trade agreement (FTA), Union Commerce and Industry Minister Piyush Goyal announced on Thursday.

The development comes close on the heels of India finalising a free trade pact with the European Union and concluding a major trade agreement with the United States, marking a significant push in New Delhi’s global trade engagement strategy.

Goyal said the decision was taken after India and the GCC signed the Terms of Reference, which will lay the framework for structured negotiations on the proposed agreement.

The GCC comprises Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain — a key trading bloc for India, especially in sectors such as energy, trade, investment and services.

The proposed FTA is expected to further strengthen economic ties, enhance market access, and boost bilateral trade and investment flows between India and the Gulf nations.

Further details regarding the scope and timeline of the negotiations are expected to be announced in the coming days.