India is negotiating a Free Trade Agreement (FTA) with Gulf Cooperation Council (GCC).
India is negotiating a Free Trade Agreement (FTA) with Gulf Cooperation Council (GCC). So far, two rounds of negotiations have been held with GCC countries in Riyadh during 2006 and 2008. The third round of negotiations is to be held in India for which India has sought convenience of GCC for holding the meeting. The Government of India has initiated the FTA negotiations after the study on feasibility of India-GCC FTA indicated that it will be in the interest of India to enter into FTA with GCC which is an important regional block in our neighbourhood. The study showed that there exists a large market in GCC countries for both industrial and agricultural products from India. Non diversified Industrial base in GCC offers trade complementarities between India and GCC which will result in increased trade. India will meet its long term energy requirement through secured economic relationship with GCC and GCC will gain in food security by its close association with India.
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