Overview
- Commerce Minister Piyush Goyal and GCC Secretary General Jasem Mohammad Al Budaiwi signed the joint statement on February 24, formally opening FTA negotiations built on Terms of Reference agreed on February 5.
- Officials said the negotiation agenda spans trade in goods, customs procedures, services, digital trade, cutting‑edge technologies, and expanded investment flows.
- Bilateral goods trade with the GCC reached $178.56 billion in FY2024–25, representing 15.42% of India’s global trade, according to the commerce ministry.
- Al Budaiwi is visiting New Delhi and held talks with External Affairs Minister S. Jaishankar on cooperation in energy, trade and investment as the FTA push gathers momentum.
- GCC negotiators have invited India to hold an early round in Riyadh, while India notes existing agreements with the UAE and Oman and ongoing FTA talks with Qatar.