Minister of Commerce and Industry Piyush Goyal signed the key document with Jasem Mohammad Al Budaiwi, Secretary General of the GCC. The Gulf Cooperation Council (GCC) includes six member countries, namely Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait, Oman, and Bahrain.
Also read: India sets sail to add more trade muscle as it signs FTA terms with Gulf Cooperation Council
“We signed the Joint Statement for the India–GCC FTA, building on the Terms of Reference signed on February 5, 2026, formally launching negotiations for a comprehensive and mutually beneficial agreement,” he said in a post on X.
Goyal said that the signing of the Joint Statement marks a major step toward deeper collaboration in key strategic areas, including trade in goods, customs procedures, services, digital trade, cutting-edge technologies, and enhanced investment flows between India and the six GCC member nations.
India already holds trade pacts with two member countries of the GCC bloc – UAE and Oman, and is also in negotiations with Qatar for an FTA.
New Delhi signed the terms of reference for FTA with the Middle Eastern group on February 5 to resume talks for a trade pact that was overdue since 2004.
“We will also get a foothold to grow Indian infrastructure and the infrastructure in the GCC, together with the high-quality companies that are working in the space of infrastructure,” Goyal had said earlier, adding that India’s petrochemical industry will hugely benefit with this partnership.
In FY25, India and GCC undertook bilateral trade of goods worth $178.56 billion, with India’s exports at $56.87 billion and imports of $121.66 billion, accounting for 15.42% of India’s global trade. In the GCC group, Saudi Arabia is India’s second-largest trade partner after the UAE.
