New Delhi [India], February 24 (ANI): India and Gulf Cooperation Council (GCC) on Tuesday signed the joint statement on Free Trade Agreement (FTA) formally launching negotiations for a comprehensive and mutually beneficial agreement.

The joint statement was signed by India's Union Minister of Commerce and Industry, Piyush Goyal, and Secretary General of the Gulf Cooperation Council, Jasem Mohamed Al Budaiwi.

Taking it to social media platform X, Goyal said, 'Delighted to welcome H.E. Jasem Mohammad Al Budaiwi, Secretary General of the Gulf Cooperation Council, @GCCSG. We signed the Joint Statement for the India-GCC FTA, building on the Terms of Reference signed on February 5, 2026, formally launching negotiations for a comprehensive and mutually beneficial agreement.'

'This marks a major step toward deeper collaboration in key strategic areas, including trade in goods, customs procedures, services, digital trade, cutting-edge technologies, and enhanced investment flows between India and the six GCC member nations,' he added.

https://x.com/PiyushGoyal/status/2026268315086127309

Piyush Goyal emphasized that the Statement along with the Terms of Reference (ToR) for FTA which were signed on February 5, 2026, mark a significant milestone in the relationship between India and GCC countries.

He underscored that the relationship which is deeply rooted in shared history and cultural linkages, would get further impetus from a broad-based and mutually beneficial FTA, and underlined that amidst global uncertainties, it is most opportune that discussions are starting on negotiating a robust trading arrangement which would harness mutual synergies and complementarities.

Jasem Mohamed Albudaiwi emphasized that FTA will serve as an important tool to further strengthen trade and investment ties between India and GCC countries by infusing predictability and certainty for businesses.

As per the information shared by the Ministry of Commerce & industry, GCC is India's largest trading partner bloc with bilateral trade reachingUSD 178.56 billion (Exports: USD 56.87 billion; Imports: USD 121.68 billion) in FY 2024-25, accounting for 15.42% of India's global trade.

In the last five years, India's trade with the GCC has expanded steadily, registering an annual average growth rate of 15.3 per cent.

Key exports from India to GCC include engineering goods, rice, textiles, machinery, gems and jewelry.

Key sectors of imports from GCC primarily comprise crude oil, LNG, petrochemicals, and precious metals such as gold. Collectively, the GCC countries represent a market of 61.5 million people (2024) and USD 2.3 trillion in terms of GDP at current prices, ranking 9th globally in this category.

The GCC region is also a significant source of FDI for India, with cumulative investments exceeding USD 31.14 billion as on September 2025.

Further, the GCC is also home to nearly ten million members of the Indian community acting as a living bridge between both countries. (ANI)