The Joint Statement on the India-GCC Free Trade Agreement (FTA) was signed between Piyush Goyal, Union Minister of Commerce and Industry and His Excellency Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council on 24th February 2026 in New Delhi formally launching negotiations for a comprehensive and mutually beneficial agreement. Piyush Goyal emphasized that the Statement along with the Terms of Reference (ToR) for FTA which were signed on 5thFebruary, 2026, mark a significant milestone in the relationship between India and GCC countries.
He underscored that the relationship which is deeply rooted in shared history and cultural linkages, would get further impetus from a broad-based and mutually beneficial FTA. Jasem Mohamed Albudaiwi emphasized that FTA will serve as an important tool to further strengthen trade and investment ties between India and GCC countries by infusing predictability and certainty for businesses.
The FTA holds significant potential to unlock and expand trade with an important region, with which India has longstanding historical ties in trade and commerce. GCC is India's largest trading partner bloc with bilateral trade reachingUSD 178.56 billion (Exports: USD 56.87 billion; Imports: USD 121.68 billion) in FY 2024-25, accounting for 15.42% of India’s global trade. In the last five years, India’s trade with the GCC has expanded steadily, registering an annual average growth rate of 15.3 per cent.