India-GCC to pursue resumption of Free Trade Agreement negotiations – The Peninsula

  • Date: 27-Nov-2022
  • Source: The Peninsula Qatar
  • Sector:Retail
  • Country:Qatar
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India-GCC to pursue resumption of Free Trade Agreement negotiations – The Peninsula

Doha: Shri Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Government of India and His Excellency Dr. Nayef Falah M Al Hajraf, Secretary General, Gulf Cooperation Council (GCC) held a Joint Press Conference, in New Delhi yesterday to announce the intent to pursue negotiations on the India-GCC FTA, the Indian Embassy in Doha said in a media release to The Peninsula.

With forward-looking and solution-oriented deliberations, bilateral engagements witnessed significant progress on all matters of mutual interest across the entire gamut of bilateral economic relations between India and the GCC nations.

Both sides agreed to expedite conclusion of the requisite legal and technical requirements for formal resumption of the FTA negotiations. The FTA is envisaged to be a modern, comprehensiveagreement with substantial coverage of goods and services. Both sides emphasised that the FTA will create new jobs, raise living standards, and provide wider social and economic opportunities in India and all the GCC countries. Both sides agreed to significantly expand and diversify the trade basket in line with the enormous potential that exists on account of the complementary business and economic ecosystems of India and the GCC.

It may be noted that the GCC is currently