India, GCC Kick Off FTA Talks, Sign Joint Statement

• India and the Gulf Cooperation Council (GCC) formally launched negotiations for a Free Trade Agreement (FTA) by signing a Joint Statement in New Delhi.
• Commerce and Industry Minister Piyush Goyal and GCC Secretary General Jasem Mohamed Albudaiwi signed the Joint Statement, setting the stage for a comprehensive and mutually beneficial agreement.
• The GCC is India’s largest trading partner bloc, with bilateral trade reaching $178.56 billion in FY 2024-25, accounting for 15.42% of India’s global trade.
• India’s key exports to the GCC include engineering goods, rice, textiles, machinery, and gems and jewellery, while major imports are crude oil, LNG, petrochemicals, and precious metals.
• The negotiations signal renewed momentum for the FTA process, which was first initiated in 2004 and revived in 2022 after a prolonged hiatus.