India & Gulf Cooperation Council agree to resume FTA negotiations

The announcement was made by Piyush Goyal, India’s minister of textile, and Dr Nayef Falah M Al-Hajraf, secretary general, the Gulf Cooperation Council, in a joint press conference in New Delhi today. 

Both sides agreed to expedite conclusion of the requisite legal and technical requirements for formal resumption of the FTA negotiations, according to a press release by the Indian ministry of commerce and industry. 

This comprehensive FTA will create numerous jobs and raise living standards in both regions. It is envisaged to be a modern, comprehensive agreement with substantial coverage of goods and services, both sides emphasised. 

Both sides agreed to significantly expand and diversify the trade basket in line with the enormous potential that exists on account of the complementary business and economic ecosystems of India and the GCC. 

GCC and India engaged in bilateral trade in fiscal (FY) 2021-22 valued at over $154 billion with exports valued at approximately $44 billion and imports of around $110 billion. Furthermore, GCC countries contribute almost 35 per cent of India’s oil imports and 70 per cent of gas imports. Investments from the GCC in India are currently valued at over $18 billion.

Fibre2Fashion News Desk (DP)