Doha: The Gulf Cooperation Council (GCC) and the Republic of India have signed a joint statement to commence negotiations for a Free Trade Agreement (FTA) between the two parties. The joint statement was signed by GCC Secretary-General Jasem Mohamed Albudaiwi and India's Minister of Commerce and Industry, Piyush Goyal.

According to Qatar News Agency, the GCC Secretary-General stated that the joint statement marks a new phase in the strategic partnership between the two regions, enhancing cooperation and economic and trade ties. He emphasized India's role as a key global trading partner for the GCC and highlighted the strategic necessity of deepening cooperation in sectors such as energy, food security, and technology due to the growing trade volume and integration.

Albudaiwi further mentioned that the terms of reference signed on February 5 provide a comprehensive framework for the negotiations. The agreement covers vital strategic areas, including Trade in Goods, Customs Procedures, Trade in Services, and Digital Trade. It also includes provisions for Sanitary and Phytosanitary measures, Intellectual Property Rights, and cooperation regarding Micro, Small, and Medium Enterprises, reflecting the comprehensive nature of the agreement and its adaptability to future economic developments.

The GCC Secretary-General expressed hope that the negotiations would result in a comprehensive free trade agreement that eliminates tariff and non-tariff barriers, promotes quality investments, and achieves greater liberalization in trade and investment cooperation. Following the signing, Albudaiwi and Goyal held a bilateral meeting to discuss enhancing joint cooperation and exploring ways to elevate their partnership, focusing on economic, investment, and trade fields.