GCC and India to sign terms for start of free trade talks
The Gulf Cooperation Council (GCC) and India reportedly will sign terms of reference on Thursday to resume talks aimed at finalising a free trade agreement.
Indian commerce and industry minister Piyush Goyal will preside over the signing ceremony with the six-nation bloc, the government-owned Press Trust of India reported.
Media reported in December that talks were underway to concur on the terms of reference, which set the framework and scope for negotiations on the proposed comprehensive economic partnership agreement (Cepa).
India’s exports to the GCC grew by 1 percent to $57 billion in 2024-25, while imports from the bloc rose 15 percent to $122 billion, the report said.
Oman and India signed a long-delayed Cepa in December that aims to boost trade between the two nations.
The UAE and India signed a Cepa in 2022 when bilateral trade stood at around $60 billion. In January, the two countries agreed on a new target to raise bilateral trade to $200 billion by 2032.
Out of 32 million non-resident Indians, nearly half are estimated to be working in Gulf countries, the report said.
The UAE is home to more than 4.3 million Indian expats, accounting for around a third of the Gulf state’s population, according to India’s embassy in Abu Dhabi.
Further reading:
- Trade talks with Japan are in final stages, says UAE minister
- EU free trade talks advancing rapidly, UAE minister says
- EU-India trade deal unsettles Turkey
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