{"id":9043,"date":"2026-02-05T14:27:43","date_gmt":"2026-02-05T14:27:43","guid":{"rendered":"https:\/\/theeaglenews.co.in\/?p=9043"},"modified":"2026-02-05T14:27:43","modified_gmt":"2026-02-05T14:27:43","slug":"india-and-gulf-cooperation-council-sign-terms-of-reference-for-proposed-free-trade-agreement","status":"publish","type":"post","link":"https:\/\/theeaglenews.co.in\/?p=9043","title":{"rendered":"India and Gulf Cooperation Council Sign Terms of Reference for Proposed Free Trade Agreement."},"content":{"rendered":"
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India and Gulf Cooperation Council Sign Terms of Reference for Proposed Free Trade Agreement.<\/h1>\n

 <\/p>\n

New Delhi:<\/p>\n

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India and the Gulf Cooperation Council (GCC) today took a major step towards deepening their economic partnership with the signing of the Terms of Reference (ToR) for the proposed India\u2013GCC Free Trade Agreement (FTA). The ToR was signed on February 5, 2026, at Vanijya Bhawan, New Delhi, marking the formal commencement of negotiations for the ambitious trade pact.<\/p>\n

The agreement was signed between Ajay Bhadoo, Additional Secretary and Chief Negotiator, Department of Commerce, Government of India, and Dr. Raja Al Marzouqi, Chief Negotiator, Secretariat General of the Gulf Cooperation Council. The signing ceremony was held in the presence of Union Minister of Commerce and Industry Piyush Goyal, Minister of State for Commerce and Industry Jitin Prasada, and Commerce Secretary Rajesh Agrawal.<\/p>\n

The signed Terms of Reference will serve as the guiding framework for negotiations by defining the scope, structure, and modalities of the India\u2013GCC Free Trade Agreement. The proposed FTA aims to enhance bilateral trade, facilitate investment flows, and strengthen economic cooperation between India and the six-member GCC bloc.<\/p>\n

Addressing the gathering, Piyush Goyal described the India\u2013GCC FTA as a \u201cforce multiplier for global good,\u201d stating that it would bring predictability and stability to economic relations between the two sides. He expressed confidence that the agreement would enable the seamless flow of goods and services, attract greater investments, expand employment opportunities, and contribute to food and energy security in the region. He added that the FTA would elevate the already strong economic ties between India and the GCC to new heights.<\/p>\n

Dr. Raja Al Marzouqi, Chief Negotiator of the GCC, highlighted the historic trade and commercial relations shared between India and the GCC countries. He noted that the signing of the ToR marks the formal beginning of negotiations towards a mutually beneficial and comprehensive free trade agreement, which would further reinforce ties amid prevailing global economic uncertainties.<\/p>\n

During his visit to India, Dr. Al Marzouqi also held a meeting with Commerce Secretary Rajesh Agrawal, during which discussions focused on strengthening the overall economic partnership and advancing cooperation in areas of mutual interest.<\/p>\n

The India\u2013GCC FTA holds significant potential to expand trade with a strategically important region with which India has longstanding historical and cultural ties. India\u2019s total trade with the GCC stood at USD 178.56 billion in FY 2024\u201325, including exports of USD 56.87 billion and imports of USD 121.68 billion, accounting for 15.42 per cent of India\u2019s global trade. Over the past five years, bilateral trade has grown steadily at an average annual growth rate of 15.3 per cent.<\/p>\n

India\u2019s key exports to the GCC include engineering goods, rice, textiles, machinery, and gems and jewellery, while imports from the region are dominated by crude oil, LNG, petrochemicals, and precious metals such as gold. Collectively, GCC countries represent a market of 61.5 million people with a combined GDP of USD 2.3 trillion, ranking ninth globally at current prices.<\/p>\n

The GCC region is also a major source of foreign direct investment for India, with cumulative investments exceeding USD 31.14 billion as of September 2025. Additionally, nearly ten million Indians reside in GCC countries, strengthening people-to-people ties and reinforcing economic and cultural linkages. The strong presence of Indian companies across the GCC further underscores the depth of the partnership.<\/p>\n

The signing of the Terms of Reference is being viewed as a significant milestone in India\u2013GCC relations and a crucial step towards concluding a comprehensive Free Trade Agreement that could reshape economic engagement between the two sides.<\/p>\n","protected":false},"excerpt":{"rendered":"

India and Gulf Cooperation Council Sign Terms of Reference for Proposed Free Trade Agreement.   New Delhi:   India and the Gulf Cooperation Council (GCC) […]<\/p>\n

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