Goyal Signs Joint Statement for Trade Pact With GCC

• India and GCC signed a Joint Statement for a Free Trade Agreement (FTA) to boost trade and investment
• The FTA aims to strengthen ties across goods, services, and digital trade, building on India’s existing deals with the UAE and Oman
• The GCC, with a population of 61.5 million and a GDP of $2.3 trillion, represents a key market for India

The India-Gulf Cooperation Council partnership achieved a major advancement through the signing of a Free Trade Agreement (FTA) Joint Statement recently. The signing ceremony was attended by distinguished delegations from both sides.

The India GCC FTA marks a significant step in strengthening India Gulf Cooperation Council trade relations, with Piyush Goyal emphasizing the importance of the India GCC trade deal for economic cooperation.

As India GCC negotiations progress, the free trade agreement India GCC aims to boost bilateral trade India GCC and enhance the Gulf Cooperation Council partnership India, reinforcing India’s Middle East trade relations under the CEPA India GCC framework.

The agreement was signed by Minister of Commerce and Industry Piyush Goyal and GCC Secretary General Jasem Mohammad Al Budaiwi, which created a significant progress point for India-GCC relations. The GCC consists of six member states, such as Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain.

Goyal showed that the historical and cultural ties between India and the GCC relationship will receive further development through the FTA. He declared that the current global situation presented an ideal opportunity to begin talks about a trading framework which would use shared resources and advantages of both parties.

Also Read: India, GCC Sign ToR to Launch FTA Talks for Growth

In a post on X, Goyal stated, “We signed the Joint Statement for the India–GCC FTA, building on the Terms of Reference signed on February 5, 2026, formally launching negotiations for a comprehensive and mutually beneficial agreement”.

The agreement focuses on fundamental areas which encompass goods trade, customs operations, service provision, digital commerce, technological development and the enhancement of investment streams.

Al Budaiwi stated that the FTA would establish business predictability, which would strengthen trade and investment connections between the two nations. India has existing trade agreements with the UAE and Oman, and ongoing negotiations with Qatar.

The bilateral trade between India and the GCC reached a value of $178.56 billion during FY25, and Saudi Arabia became India's second-largest trading partner in the region following the UAE.

The GCC countries, with their total population of 61.5 million people and their combined GDP of $2.3 trillion, create an important market opportunity for India. The FTA will create new trading opportunities, which will lead to greater economic cooperation between countries.

In a post on X, Jaishankar mentioned, "The India–GCC Joint Action Plan, anchored in our Strategic Dialogue, is advancing cooperation across trade and investment, energy and agriculture, security, and people-to-people ties”.