GCC eager to 'quickly' start FTA talks: Indian commerce minister

25 Aug '23

1 min read

Pic: Piyush Goyal/Twitter

Insights

Indian commerce and industry minister Piyush Goyal recently said the Gulf Cooperation Council (GCC) is keen to 'quickly' start negotiations to discuss a potential trade agreement.
India has also been approached by several GCC members for bilateral agreements, he said.
Both sides held such talks in 2006 and 2008, but talks halted thereafter due to unknown reasons.

Indian commerce and industry minister Piyush Goyal recently said the Gulf Cooperation Council (GCC) is keen to ‘quickly’ start negotiations to discuss a potential trade agreement.

Both sides had agreed last year to pursue a free trade agreement (FTA) and resume negotiations.

"We have large investments coming from GCC countries. We already have a FTA with UAE…The GCC countries led by Saudi Arabia have expressed the desire to quickly get back on the negotiating table to discuss potential agreements with the GCC countries,” he was quoted as saying in Jaipur by a news agency.

India has also been approached by several individual GCC members for bilateral agreements, he told reporters.

Both sides held negotiations for a trade pact in 2006 and 2008, but talks halted thereafter due to unknown reasons.

GCC, a union of six countries in the Gulf region—Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain—is the top source of imports among economic blocs and is the largest trading bloc of India.

Fibre2Fashion News Desk (DS)

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