GCC Chief Visits Delhi to Deepen Historic India-Gulf Ties & FTA Talks

In a post on X, MEA Spokesperson Jaiswal wrote, "Warm welcome to Secretary General of the Gulf Cooperation Council Mr. Jasem Mohammad Al Budaiwi @jasemalbudaiwi on his arrival in New Delhi. His visit will further deepen the historic and strong India-GCC ties. @GCCSG"

The Gulf Cooperation Council (GCC) is a regional political and economic alliance established in 1981. It consists of six member states: Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain. The GCC aims to promote economic integration, political cooperation, and regional security among its members. It has established a customs union and a common market to facilitate trade and movement of citizens. The organization also coordinates defence policies and infrastructure projects. Headquartered in Riyadh, the GCC plays a significant role in shaping economic and diplomatic relations within the Gulf region.

India and the Gulf Cooperation Council (GCC) member countries signed the Terms of Reference for a Free Trade Agreement (FTA) earlier in February in the national capital.

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

- ANI