Thursday’s signing of Terms of Reference between India and GCC heralds a new era in bilateral trade. The Commerce and Industry Ministry stated that the ToR will shape the Free Trade Agreement’s contours and operational guidelines.
In New Delhi’s Udyog Bhawan, Chief Negotiators Ajay Bhambu of India and Dr. Raja Al Marzouki of GCC sealed the pact. The occasion drew Commerce Minister Piyush Goyal, State Minister Jitin Prasad, and Secretary Rajesh Agrawal.
Goyal proclaimed the FTA’s global significance, forecasting stability, stronger relations, freer trade flows, investment influx, job growth, and improved security in food and energy sectors.
GCC representative Al Marzouki lauded ancient trade ties, positioning the ToR as negotiation kickoff for a win-win deal essential in turbulent times.
Trade stats are impressive: $178.56 billion in FY2024-25, comprising 15.42% of India’s total, with $56.87 billion exports and $121.68 billion imports. Consistent 15.3% yearly growth over five years points to expansive opportunities via the FTA in petrochemicals, textiles, machinery, and services.
Looking ahead, this agreement could catalyze diversified trade baskets, mitigate risks, and drive inclusive growth for millions across both regions.