India-Gulf Cooperation Council (GCC) decide to pursue resumption of Free Trade Agreement (FTA) Negotiations
- Press Information Bureau
- November 28, 2022
The Gulf Cooperation Council (GCC) Secretary General, Dr. Nayef Falah M. Al-Hajraf, and Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution, and Textiles, Government of India, held a joint press conference in New Delhi to announce their intention to continue negotiations on the India-GCC FTA.
Across the full spectrum of bilateral economic ties between India and the GCC countries, bilateral dialogues showed remarkable progress on all topics of mutual concern with forward-looking and solution-oriented discussions.
The FTA is envisioned as a cutting-edge, all-encompassing pact with significant coverage of products and services. Both parties stressed that the FTA will improve living conditions, increase employment prospects, and expand social and economic chances in India and all of the GCC nations.
Nearly 35% of India's oil imports and 70% of its gas imports come from the GCC. In all, India imported roughly US$ 48 billion worth of crude oil from the GCC in 2021–2022.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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