6 Gulf Nations: GCC is a union of six countries in the Gulf region– Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
New Delhi: India and the six- nation bloc of Middle Eastern nations, the Gulf Cooperation Council( GCC), signed terms of reference on Thursday for formally launching accommodations for a free trade agreement( FTA).
The terms of reference( Escarpment) outline the compass and modalities of a proposed trade pact. Commerce and Industry Minister Piyush Goyal presided over the signing form of the Bluffs with GCC.
What is 6 Gulf Nations
GCC is a union of six countries in the Gulf region– Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.
Goyal said that the agreement will help boost bilateral trade and investments between the two.
” The two trading mates have been trading amongst each other for over 5,000 times,” he told journalists.
He added that about 10 million Indians are living and working in the GCC region.
” It’s most applicable that we now enter into a much stronger and robust trading arrangement which will enable a lesser free inflow of goods, services, bring pungency and stability to policy, help encourage a lesser degree of investments,” Goyal said.
He said the agreement will also encourage the food and energy security of the GCC nations, as well as India. While India is a major food grain patron in the world, GCC nations are oil painting and gas exporters.
” We formerly have a veritably robust, nearly USD 179 billion bilateral trade. I believe a number of products and services needed by the GCC countries can be handed by our youthful, veritably talented and professed Indians, as the GCC countries can help us with farther diversification and growth of our energy sources,” he said.
About 10 million Indians at present are living and working in the GCC region, helping power the husbandry of the group.
Indian exports will get a boost from the proposed pact from the elimination of duties andnon-tariff walls.
” We’ll also get a base to grow Indian structure and the structure in the GCC, together with the high- quality companies that are working in the space of structure. Our petrochemical assiduity will monstrously profit with this cooperation,” Goyal said.
farther, he added that India’s information and communication technology enterprises will get openings in the ever- growing GCC request.
India has formerly enforced a free trade pact with the UAE in May 2022.
India and Oman also inked a Comprehensive Economic Partnership Agreement( CEPA) in Muscat on December 18, 2025.
Goyal said that the government has finalised as numerous as nine trade pacts in the last many times, covering 38 advanced nations.
GCC’s principal moderator, Raja Al Marzouqi, said the pact is important at a time of global misgivings.
” So it’s a communication, it’s a signal for the whole globe, and it’s important for us at this time to try to be more collaborative to avoid any threat that our global frugality is facing as a result of query,” he said.
fresh Secretary in the department of commerce Ajay Bhadoo is India’s principal moderator for the pact.
Launch of FTA addresses with the GCC would be a kind of resumption of the accommodations, as the before two rounds of accommodations were held in 2006 and 2008 between the two regions.
The third round did n’t be as GCC remitted its accommodations with all countries and profitable groups.
India significances generally crude oil painting and natural gas from the Gulf nations like Saudi Arabia and Qatar, and exports plums, precious andsemi-precious monuments, essence, reproduction jewellery, electrical ministry, iron and sword, and chemicals to these countries.
India’s exports to the GCC grew by close to one per cent to about USD 57 billion in 2024- 25 against USD 56.32 billion in 2023- 24. significances rose by 15.33 per cent to USD 121.7 billion in 2024- 25 from USD 105.5 billion in 2023- 24.
Bilateral trade has increased to USD 178.7 billion in 2024- 25 from USD 161.82 billion in 2023- 24.
The UAE was India’s third- largest trading mate in the last financial.
India’s exports to the nation stood at USD 36.63 billion, while significances were USD 63.40 billion in the last financial, performing in a trade deficiency of USD 26.76 billion in 2024- 25.
Saudi Arabia was India’s fifth- largest trading mate during the last financial.
Exports to the area were USD 11.75 billion, while significances stood at USD 30.12 billion, leading to a trade deficiency of USD 18.36 billion in 2024- 25.
Qatar ranked as India’s 22nd- largest trading mate last financial. Exports stood at USD 1.68 billion, while significances were USD 12.46 billion, leaving a trade deficiency of USD 10.78 billion in 2024- 25. India substantially significances thawed natural gas( LNG) from Qatar, while exporting products ranging from cereals to meat, fish, chemicals and plastics.
Oman was the 28th largest trading mate of India in 2024- 25. Exports stood at USD 4 billion, while significances added up to USD 6.54 billion. The trade deficiency was 2.48 billion.
Kuwait ranked 29th among India’s trading mates in 2024- 25. Exports stood at USD 1.93 billion, while significances were USD 8.28 billion, leading to a trade deficiency of USD 6.35 billion.
also, India’s outbound shipments to Bahrain, which is the 65th largest trading mate of India, were USD 797.47 million in the last financial. significances were USD 843.44 million, leaving a trade deficiency of USD 45.97 million in 2024- 25.
