India and Gulf Cooperation Council to resume FTA talks
Tags: International Relations Economics/Business
India's Industry and Trade Minister Piyush Goyal said on 24 November that India and the Gulf Cooperation Council (GCC) have agreed to resume talks on a free trade agreement.
Both sides have agreed to expedite the necessary legal and technical requirements for the formal resumption of FTA negotiations.
The FTA will be a comprehensive economic partnership that will cover different aspects of trade.
Goyal said the GCC is currently India's largest trading partner bloc with bilateral trade expected to exceed USD 154 billion in the financial year 2021-22.
bilateral trade in services between India and the GCC was worth 14 billion US dollars in the last financial year.
GCC countries contribute almost 35 per cent of the country's oil imports and 70 per cent of gas imports.
About Gulf Cooperation Council (GCC) :
It is a political and economic alliance of six Middle Eastern countries—Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
It was established in Riyadh, Saudi Arabia, in May 1981.
Its aim is to achieve coordination, cooperation and integration and Arab regional unity among these countries.
The GCC member states have a total GDP of over USD 3.464 trillion and a total population of 54 million.
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