The Gulf Cooperation Council (GCC) has expressed the desire to “quickly” get back on the negotiating table to discuss a potential trade agreement with India, the country’s commerce and industry minister Piyush Goyal said on Thursday.
Last year, both regions agreed to pursue a Free Trade Agreement (FTA) and resume the negotiations.
GCC is the largest trading bloc of the south asian country.
“We have large investments coming from GCC countries. We already have an FTA with the UAE. The GCC countries led by Saudi Arabia have expressed the desire to quickly get back on the negotiating table to discuss potential agreements with the GCC countries,” the minister told reporters in Jaipur, PTI reported.
GCC nations seek bilateral deals with India
Many GCC member nations have also approached India individually with the request to enter into a bilateral agreement, the minister added.
The minister was in Jaipur, Rajasthan, for the G20 trade and investment ministerial meeting.
Among the economic regions, GCC is the top source of imports for India. Imports from GCC countries were $133 billion in 2022-23, up 20.3 percent on year, while exports were 16.7 percent higher at $51.3 billion.
Both sides held negotiations for the trade pact in 2006 and 2008 but talks stalled thereafter due to unknown reasons.
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