The GCC is India's main trading partner . The GCC is a group of six countries in the Gulf region .
by Shailesh YadavNew Delhi (India), November 24 : The Indian and the Gulf Cooperation Council have agreed to pursue the Free Trade Agreement, claiming that they want to do so at the earliest, according to Union Commerce Minister Piyush Goyal.Weve decided to pursue the Free Trade Agreement between India and the Gulf Cooperation Council (GCC), according to a Union minister, and close it at the very least.Today, the GCC is India's main trading partner.According to Goyal, the GCC is India's biggest trade partner.In comparison, bilateral services trade between India and the GCC was valued at USD 14 billion.India and the GCC share complementary business and economic ecosystems.Though India played a key role in food security and contributes to the GCC's health care, the GCC is also a trusted partner in India's energy security.According to Goyal, the FTA between India and the GCC countries would be a comprehensive economic partnership. The UAE is investing USD 100 billion in India, according to the crown prince of Saudi Arabia, who was in India.He said he is also searching for a large investment in India.I am very optimistic that the two sides will set new goals together, he said.We are eager to continue FTA talks, according to Nayef Falah M Al-Hajraf, GCC secretary general. It is time to capitalize on the already strong friendship between the GCC and India.We've asked our respective negotiation teams to finalize all documents for the FTA.According to the speaker, the FTA is a way to profit from what already exists between India and the GCC.After Covid-19, the FTA will serve to our economy, according to Hajraf.Businesses have entered a new challenging era, and an FTA will support trade, investment, food, and energy security, as well as helping us tackle climate change and other issues. The first two rounds of FTA talks between India and the GCC took place in 2006 and 2008.