India, GCC Kickstart Free Trade Pact Talks After Two Decades: Piyush Goyal

• Commerce Minister Piyush Goyal announced India signed terms to begin FTA negotiations with the six-nation Gulf Cooperation Council (GCC), reviving talks after nearly two decades.
• Goyal highlighted the historic nature of the agreement, aiming for stronger trade, greater flow of goods and services, policy predictability, and increased investments.
• The proposed pact is expected to deepen commercial ties, enhance geopolitical cooperation, attract investments, create jobs, and bolster food and energy security for both India and GCC nations.
• Sectors like food processing, infrastructure, petrochemicals, and ICT are projected to benefit, with current trade valued at $179 billion.
• India is also progressing on a bilateral trade agreement with the US, with a joint statement on the first tranche expected soon, leading to tariff reductions on Indian goods.