New Delhi, Feb. 6 -- Union Minister for Commerce and Industry Piyush Goyal said that India has taken a significant step towards deepening economic ties with the Gulf Cooperation Council (GCC), with the Terms of Reference (ToR) for a proposed Free Trade Agreement (FTA) being formally signed by the chief negotiators of both sides.

In a statement, Goyal said the agreement marks a new phase in India's engagement with the six-nation GCC bloc-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates-noting that relations have evolved into a strategic partnership under the leadership of Narendra Modi.

He said the proposed FTA with the GCC, alongside existing and ongoing trade agreements with the UAE and Oman, is expected to open ...