New Delhi, Feb. 25 -- Negotiations for an India-Gulf Cooperation Council (GCC) free trade agreement (FTA) were formally launched through the signing of a Joint Statement in New Delhi on Thursday by Commerce and Industry Minister Piyush Goyal and GCC Secretary General Jasem Mohamed Albudaiwi.

Goyal said the Joint Statement, along with the Terms of Reference (ToR) signed earlier this month, marks a significant milestone in India-GCC relations.

He noted that the proposed agreement would deepen longstanding trade and cultural ties and provide a stable framework for cooperation amid global uncertainty.

Albudaiwi said the FTA would strengthen trade and investment flows by bringing greater predictability and certainty for businesses.

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