India-GCC FTA: A Game Changer for Global Trade and Economic Ties

• India and the 6-nation Gulf Cooperation Council (GCC) have signed Terms of Reference (ToR) for a potential Free Trade Agreement (FTA), aiming to reduce global uncertainty.
• The GCC includes Saudi Arabia, UAE, Oman, Qatar, Kuwait, and Bahrain. India already has an FTA with UAE and has finalized one with Oman.
• Commerce and Industry Minister Piyush Goyal highlighted that the FTA would strengthen relations, create job opportunities for Indians, and enhance food and energy security for both sides.
• The FTA is projected to boost bilateral trade, which currently stands at $179 billion, and encourage investments, with over 10 million Indians working in GCC countries.
• Discussions have been ongoing for nearly two decades, with the GCC agreeing to decouple talks for a Bilateral Investment Treaty (BIT) from the FTA ToR to expedite the process.