GCC comprises Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. The earlier two rounds of such negotiations were held in 2006 and 2008.
Presiding over the signing ceremony, Indian Commerce and Industry Minister Piyush Goyal said the proposed FTA can support diversification and growth of India’s energy sources, strengthening long-term supply security and trade expansion.
The FTA will benefit India’s food processing, infrastructure, petrochemical, and information and communication technology sectors, he added.
Industry players believe opportunities will open up in premium leather bags, accessories and upholstery, alongside a shift towards value-added manufacturing after the FTA is signed, a domestic news agency reported.
India's exports to the GCC grew by about 1 per cent to about $57 billion in fiscal 2024-25 (FY25) against $56.32 billion in FY24. Imports from there rose by 15.33 per cent to $121.7 billion in FY25 from $105.5 billion in FY24.
India-GCC trade increased to $178.7 billion in FY25 from $161.82 billion in FY24. Around 10 million Indians live and work in GCC countries.
Fibre2Fashion (DS)
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