Piyush Goyal welcomes GCC Secretary General, signs joint statement on FTA: ‘Major step toward deep collaboration’

India and the Gulf Cooperation Council (GCC) have taken a significant step towards enhancing economic collaboration by signing a joint statement to initiate negotiations for a Free Trade Agreement (FTA). Union Minister Piyush Goyal expressed optimism about the FTA, emphasizing its potential to strengthen trade relations and boost investment flows between India and the six GCC member nations. The GCC, comprising Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain, is among India's crucial trading partners, with substantial economic ties already established. The proposed FTA is expected to facilitate tariff reductions, increase market access, and foster greater economic integration, ultimately benefiting both parties. As both sides embark on this negotiation process, the emphasis will be on creating a mutually advantageous framework that supports sustained growth and development in the region.