India, GCC Sign Terms of Reference for FTA Negotiations, Boosting Trade Ties

• India and the Gulf Cooperation Council (GCC) signed the Terms of Reference (ToR) on February 5 to launch negotiations for a Free Trade Agreement (FTA).
• The FTA aims to diversify India's energy needs and enhance market access in sectors like food processing and petrochemicals.
• Commerce Minister Piyush Goyal highlighted the historical trade ties and the potential for increased flow of goods, services, and investments.
• The GCC bloc includes Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain, with whom India has significant bilateral trade.
• Bilateral trade between India and the GCC currently stands at $179 billion, with UAE and Saudi Arabia being major partners.