New Delhi, February 24: The Gulf Cooperation Council (GCC) and the Republic of India have signed a joint statement to officially launch negotiations for a comprehensive Free Trade Agreement (FTA), marking a significant step forward in their strategic and economic partnership.

The joint statement was signed by Jassem Mohammed Al-Budaiwi, Secretary-General of the GCC, and Piyush Goyal, India’s Minister of Commerce and Industry, during a ceremony held in New Delhi.

Following the signing, Al-Budaiwi described the move as the beginning of a new phase in relations between the two sides, emphasizing that it reflects their shared commitment to strengthening economic and trade cooperation. He noted that India is one of the GCC’s most important global trading partners, with growing trade volumes and expanding collaboration in key sectors such as energy, food security, and technology.

He highlighted that India’s position as a global hub for innovation and industry, combined with its vast and dynamic market, makes deeper cooperation a strategic economic priority for the GCC countries.

The Secretary-General further explained that the terms of reference signed earlier on February 5 provide a comprehensive and clear framework for the negotiations. Both sides have agreed to explore enhanced cooperation across a wide range of strategic areas, including trade in goods, customs procedures, trade in services, digital trade, sanitary and phytosanitary (SPS) measures, intellectual property rights, and support for micro, small and medium enterprises (MSMEs), among other areas of mutual interest.

He expressed optimism that the negotiations would result in a comprehensive and ambitious free trade agreement aimed at eliminating tariff and non-tariff barriers, facilitating the smooth flow of quality investments in both directions, and promoting greater liberalization in trade and investment cooperation.

After the signing ceremony, Al-Budaiwi and Goyal held a bilateral meeting to review ongoing cooperation and discuss ways to expand ties further. The discussions focused on broadening collaboration in economic, investment, and trade sectors, with both sides reaffirming their commitment to advancing strategic partnership opportunities that serve their mutual interests.