India Likely To Launch Free Trade Agreement Negotiations With Gulf Cooperation Council Next Week

Union Minister of Commerce and Industry Piyush Goyal on Monday (16 November) said that India will be launching one more important free trade agreement (FTA) talks next week.

Though the Minister did not disclose the name of the region, a Commerce Ministry release said that India will launch the FTA talks with the Gulf Cooperation Council (GCC).

The GCC is a regional, intergovernmental, political, and economic union of countries in gulf region, and has six members - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

India had already implemented a free trade agreement with the UAE, a prominent member of the GCC, in May this year.

While addressing the Consumer Electronics and Appliances Manufacturers Association (CEAMA) 43rd Annual Function ACE Dialogues 2022 in New Delhi on Monday, Goyal highlighted that developed countries of the world are now keen to do free trade agreements or comprehensive economic partnerships with India.

"Goyal informed that FTA negotiations are underway with UK, Canada, EU, Israel and one more important FTA will be launched next week (With GCC)", a Commerce Ministry release said on Monday.

In his address, Goyal appreciated the Industry for their passion and commitment to contribute to India's growth story, and taking it towards the path of self-reliant and self confident Economy.

He particularly lauded the LED manufacturers for their contribution in India’s LED success. He said that the entire nation adopted LED, and highlighted that India was able to roll out LED bulbs to the length and breadth of the country in just four years. 

Addressing the gathering, he said India with 1.4 billion people today provides the largest market opportunity available anywhere in the world.

This is the calling card, Goyal said, because of which world wants to engage with India today. They recognise that India offers a huge opportunity in terms of market.