New Delhi, Feb. 24 (BNA): Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), and Piyush Goyal, Minister of Commerce and Industry of the Republic of India, signed the Joint Statement on the launch of the Free Trade Agreement (FTA) negotiations.

Albudaiwi affirmed that the launch of FTA negotiations between the GCC and India, along with the signing of the Joint Statement, represents a new phase of strategic partnership that contributes to strengthening close cooperation and economic and trade ties.

He underlined that the bonds between the GCC states and India transcend passing economic interests; they are deep-rooted historical relations strengthened by centuries of cultural and social proximity.

The Secretary General said this reflects the shared vision of the leaders of the GCC states to strengthen cooperation across all domains for mutual benefit. He noted that India is one of the Council’s most important global trading partners, with growing trade and integration in key sectors such as energy, food security, and technology, making closer cooperation a strategic economic priority. He added that India is not only a large and promising market but also a global centre for innovation and industry, making it a valued partner for the Council.

He noted that the Terms of Reference (ToR) signed on February 5, 2026, provide a comprehensive and clear framework for these negotiations.

Albudaiwi emphasised that both sides agreed to explore ways to strengthen cooperation in key strategic areas, including Trade in Goods, Customs Procedures, Trade in Services, and Digital Trade. The framework also covers Sanitary and Phytosanitary (SPS) measures, Intellectual Property Rights, and cooperation in Micro, Small, and Medium Enterprises (MSMEs), as well as other mutual interests, highlighting the agreement’s comprehensive scope and its relevance to the future economy.

The Secretary General expressed his aspiration for these negotiations to lead to a comprehensive and ambitious FTA that eliminates tariff and non-tariff barriers, boosts the flow of qualitative investments in both directions, and achieves further liberalisation in trade and investment cooperation for mutual benefit.

This aim includes creating a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates economic growth in line with the ambitious development visions of the GCC countries.

Albudaiwi expressed the General Secretariat's full readiness to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.

After the ceremony, the two sides held a bilateral meeting to review their cooperation and discuss ways to strengthen it, serving mutual interests and enhancing strategic partnership opportunities, especially in economic, investment, and trade areas.

Albudaiwi emphasised the importance of GCC-Indian ties, noting their continuous growth, which embodies deep historical ties and shared interests. He expressed the GCC's desire to strengthen these relations economically by accelerating joint efforts and opening broader avenues for trade and investment exchange.

Both sides commended the role of their respective negotiating teams in the FTA process, valuing the efforts made to achieve progress toward an ambitious and comprehensive agreement that enhances economic integration and supports the flow of trade between the GCC and India.

H.K, A.J