India, GCC Launch FTA Negotiations: Boosting Trade and Investment Ties

• India and the Gulf Cooperation Council (GCC) formally initiated negotiations for a Free Trade Agreement (FTA) by signing a joint statement.
• The agreement aims for deeper collaboration in trade, customs, services, digital trade, technology, and investment between India and the six GCC nations.
• Union Minister Piyush Goyal and GCC Secretary General Jasem Mohamed Al Budaiwi signed the joint statement, building on Terms of Reference from February 5, 2026.
• GCC is India’s largest trading partner bloc, with bilateral trade reaching USD 178.56 billion in FY 2024-25, accounting for 15.42% of India’s global trade.
• The FTA seeks to strengthen trade and investment, providing predictability and certainty for businesses, with GCC being a significant source of FDI for India.