3 months ago
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India and the six-nation bloc of Middle Eastern nations, the Gulf Cooperation Council (GCC), inked presumption of notation connected Thursday for starting talks for a Free Trade Agreement (FTA).
The presumption of notation (ToR) outline the scope and modalities of a projected commercialized pact. Commerce and Industry Minister Piyush Goyal presided implicit the signing ceremonial of the ToRs with GCC.
GCC is simply a national of six countries successful the Gulf portion — Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
Mr. Goyal said that the statement volition assistance boost bilateral commercialized and investments betwixt the two. He added that astir 10 cardinal Indians are surviving and moving successful the GCC region.
India has already implemented a escaped commercialized pact with the UAE successful May 2022.
India and Oman besides signed a Comprehensive Economic Partnership Agreement (CEPA) successful Muscat connected December 18, 2025.
Launch of FTA talks with the GCC would beryllium a benignant of resumption of the negotiations, arsenic the earlier 2 rounds of negotiations were held successful 2006 and 2008 betwixt the 2 regions.
The 3rd circular did not hap arsenic GCC deferred its negotiations with each countries and economical groups.
India imports predominantly crude lipid and earthy state from the Gulf nations similar Saudi Arabia and Qatar, and exports pearls, precious and semi-precious stones, metals, imitation jewellery, electrical machinery, robust and steel, and chemicals to these countries.
Delighted to witnesser the signing of the Terms of Reference for the FTA betwixt India and the Gulf Cooperation Council (GCC) by our main negotiators.
Under PM @NarendraModi ji's leadership, our ties with the 6-nation GCC (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the… pic.twitter.com/7tPHmKSStk
India's exports to the GCC grew by astir 1 per cent to astir $57 cardinal successful 2024-25 against $56.32 cardinal successful 2023-24. Imports roseate by 15.33% to $121.7 cardinal successful 2024-25 from $105.5 cardinal successful 2023-24.
Bilateral commercialized has accrued to $178.7 cardinal successful 2024-25 from $161.82 cardinal successful 2023-24.
The UAE was India's third-largest trading spouse successful the past fiscal. India's exports to the federation stood astatine $36.63 billion, portion imports were $63.40 cardinal successful the past fiscal, resulting successful a commercialized shortage of $26.76 cardinal successful 2024-25.
Saudi Arabia was India's fifth-largest trading spouse during the past fiscal.
Exports to the kingdom were $11.75 billion, portion imports stood astatine $30.12 billion, starring to a commercialized shortage of $18.36 cardinal successful 2024-25.
Qatar ranked arsenic India's 22nd-largest trading spouse past fiscal. Exports stood astatine $1.68 billion, portion imports were USD 12.46 billion, leaving a commercialized shortage of $10.78 cardinal successful 2024-25. India chiefly imports liquefied earthy state (LNG) from Qatar, portion exporting products ranging from cereals to meat, fish, chemicals and plastics.
Oman was the 28th largest trading spouse of India successful 2024-25. Exports stood astatine $4 billion, portion imports aggregated to $6.54 billion. The commercialized shortage was 2.48 billion.
Kuwait ranked 29th among India's trading partners successful 2024-25. Exports stood astatine $1.93 billion, portion imports were $8.28 billion, starring to a commercialized shortage of $6.35 billion.
Similarly, India's outbound shipments to Bahrain, which is the 65th largest trading spouse of India, were $797.47 cardinal successful the past fiscal. Imports were $843.44 million, leaving a commercialized shortage of $45.97 cardinal successful 2024-25.
