Experts believe, the GCC region holds huge trade potential and a trade pact will help in further boosting India’s exports to that market. GCC is a union of six countries in the Gulf region that includes Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. In May, India had implemented a free trade agreement with the UAE.
India is likely to start next month negotiations with the Gulf Cooperation Council for a free trade agreement that will not only boost economic ties between the regions but also be a shot in the arm for New Delhi’s ambition to significantly shore up its share in global exports.
“Terms of reference for the agreement are being finalised and we expect to launch the negotiations next month,” an official told PTI.
GCC is a union of six countries in the Gulf region that includes Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. In May, India had implemented a free trade agreement with the UAE.
This comes as New Delhi and the United Kingdom missed the Diwali deadline to conclude their FTA talks. The prime ministers of both nations are set to resume talks and agreed on the need for early conclusion. Political changes in the UK and British home secretary Suella Braverman’s recent remarks on Indians being the largest group of people overstaying in the UK were seen to be major hurdles in concluding a deal, according to officials.
“GCC is a major import dependent region. We can increase our exports of food items, clothing and several other goods. Duty concessions under a trade agreement will help in tapping that market. It will be a win-win situation for both sides,” said Rakesh Mohan Joshi, Director, Indian Institute of Plantation Management, Bangalore.