India and GCC Initiate Free Trade Agreement Talks to Boost Trade

India's External Affairs Minister S Jaishankar and GCC's Secretary General Jasem Mohamed AlBudaiwi have initiated discussions to enhance cooperation in energy, trade, and investment. They signed a joint document to begin negotiations for a Free Trade Agreement aimed at strengthening longstanding economic ties.

In a significant diplomatic development, India's External Affairs Minister S Jaishankar engaged in talks with Jasem Mohamed AlBudaiwi, the Secretary General of the Gulf Cooperation Council (GCC), to enhance cooperation in key sectors including energy, trade, and investment.

The dialogue coincided with the signing of a formal joint document between India and the GCC, marking the commencement of negotiations for a Free Trade Agreement (FTA). This move aims to fortify economic ties and leverage historical connections in trade and commerce.

The GCC stands as India's largest trading partner bloc, with bilateral trade projected to reach USD 178.56 billion in 2024-25. A steady growth rate of 15.3% over the last five years reflects the promising potential of these negotiations.

(With inputs from agencies.)