India Eyes Gulf as 'Supermarket': Mega FTA with GCC to Unlock Billions

• India is pursuing a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) to diversify its trade markets and reduce dependence on traditional partners.
• The GCC, comprising Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain, is already India's largest trading bloc, surpassing the EU, ASEAN, US, and China, with trade reaching $179 billion in 2024-25.
• The proposed FTA aims to formalize and modernize a 5,000-year-old trade relationship, building on existing special agreements (CEPA) with Oman and the UAE.
• This deal is crucial for India's energy security (oil, gas imports) and food security (exporting grains, fruits, vegetables to GCC), creating a convergence of needs.
• Indian IT and petrochemical sectors, along with exports of gems, electronics, and chemicals, are expected to see significant growth due to tariff reductions and increased market access.