India, GCC to Restart FTA Talks: Boosting Trade and Economic Ties

• India and the Gulf Cooperation Council (GCC) will sign terms of reference on Thursday to launch negotiations for a Free Trade Agreement (FTA).
• Commerce and Industry Minister Piyush Goyal will oversee the signing ceremony with the GCC, a bloc of six Middle Eastern nations: Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain.
• This move marks a resumption of FTA talks, which previously had two rounds in 2006 and 2008 before being deferred by the GCC.
• Bilateral trade between India and the GCC reached USD 178.7 billion in 2024-25, with India primarily importing crude oil and natural gas and exporting various goods.
• Gulf nations are home to a significant Indian diaspora, with nearly half of the 32 million non-resident Indians working there, contributing substantial remittances.