New Delhi, Feb. 5 -- India and the six-member Gulf Cooperation Council on Thursday formally launched negotiations for a free trade agreement (FTA) by signing the terms of reference (ToR), marking a key step towards deepening economic ties amid growing global uncertainty and rising trade risks.

The first round of negotiations for the pact, which has been under discussion for nearly two decades, is expected to take place in Riyadh in coming months, with Saudi Arabia offering to host the talks.

The development comes at a time when India has accelerated its trade diplomacy, signing a series of big-ticket agreements with major economies. Over the past few months, New Delhi has concluded FTAs with the UK, Oman, and the European Union, while a...