India, Gulf Cooperation Council countries sign initial terms for Free Trade deal

Chief Negotiator for GCC, Raja Al Marzouki, highlighted the importance of the proposed free trade agreement, noting that globalisation is under attack.

GCC is a group of six Arab countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

"So it's a message. It's a signal for the whole group, for the whole globe, and it's important for us at this time to try to be more cooperative, to avoid any risk that our global economy facing as a result of uncertainty," he said.

He welcomed the Indian side to hold the first round of negotiations in Riyadh. He said that it will "be a pleasure to host you there."

In his address at the signing ceremony, Commerce Minister Piyush Goyal said discussions for an FTA with the Gulf Cooperation Council have been going on for nearly two decades.

"Two trading partners who have been trading amongst each other for over 5000 years. It is most appropriate that we now enter into a much stronger and robust trading arrangement, which will enable greater free flow of goods, services, bring predictability and stability to policy, help encourage greater degree of investments and take our bilateral relations between the six nation GCC group and India to greater heights," Piyush Goyal said.

"We are all aware that India is on the fast track. Not only are we the fastest growing large economy on the globe today, with quantum growth over the last decade, our strong fundamentals, the macroeconomic fundamentals, the massive reforms being carried out under the Reform Express, our effort to engage with friendly global partners, with deeper agreements and arrangements, we have entered into a record eight FTAs. We will soon announce the ninth bilateral trade agreements, first tranche details with the USA, which has been agreed upon only two days back."

Effectively, these nine free trade agreements between India and other developed nations cover 38 countries.

"These economies help us, in our own thrust, to modernize India, to meet the aspirations of young India to provide opportunities for our farmers, our fishermen, our MSMEs, our manufacturing base, give our youth and women more opportunities for business, for becoming exporters jobs and help India achieve its stated goal of becoming a developed nation by 2047 Viksit Bharat, 2047 when we celebrate 100 years of independence," Goyal continued.

He added that the agreement with the GCC group of six countries will further strengthen India's relations, both on the geopolitical and trade fronts.

The Free Trade Agreement with the GCC will give a message to the world "of our deep ties and historic relations, friendly relations, and as I believe, the GCC and India come closer together, we will become a force multiplier for global good," the Commerce Minister said.

Between the GCC and India, bilateral trade already totals nearly USD 179 billion.

India has about 10 million of its people living and working in the GCC region, which Goyal termed as a "living bridge between our societies, between our nations." (ANI)