India took a bold leap in international trade Thursday by signing Terms of Reference with the GCC for a comprehensive Free Trade Agreement. The Commerce Ministry revealed that these ToR will guide the FTA’s framework, scope, and procedures.
Held at Commerce Bhawan in New Delhi, the ceremony featured signatures from India’s Ajay Bhambu, Additional Commerce Secretary and lead negotiator, and GCC’s Dr. Raja Al Marzouki. Attendees included heavyweights like Piyush Goyal, Jitin Prasad, and Rajesh Agrawal.
Goyal underscored the FTA’s role in delivering predictability and solidifying partnerships. ‘It will enable smooth goods and services movement, draw investments, create employment, and bolster regional food and energy security,’ he affirmed.
Dr. Al Marzouki celebrated the historic commercial bonds, calling the ToR a symbolic start to fruitful talks amid worldwide uncertainties.
The numbers speak volumes: FY24-25 trade with GCC totaled $178.56 billion (15.42% of India’s global trade), with exports of $56.87 billion against imports of $121.68 billion. Five-year CAGR of 15.3% highlights the FTA’s potential to amplify exchanges in energy, agriculture, pharmaceuticals, and more.
This development not only fortifies economic corridors but also aligns with India’s vision of becoming a global trade powerhouse, promising mutual prosperity.