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Business News›News›Economy›Foreign Trade›India, Gulf bloc discuss next steps on free trade agreement

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India, Gulf bloc discuss next steps on free trade agreement

Synopsis

India and the Gulf Cooperation Council reviewed free trade agreement negotiations in Riyadh. Discussions focused on strengthening bilateral relations and regional developments. Both sides affirmed the importance of continued coordination for stability. The GCC is India's largest trading partner bloc by far. Bilateral trade reached USD 178.56 billion in 2024-25.

IANS

Dubai: India has reviewed the negotiations on a free trade agreement with the Gulf Cooperation Council (GCC), as the country's ambassador to Saudi Arabia, Vipul, held wide-ranging talks with the secretary general of the six-nation bloc, Jasem Mohamed Albudaiwi, in Riyadh.



The meeting took place on Sunday, where both sides discussed ways to strengthen India-GCC relations, exchanged views on regional and international developments, and reviewed preparations for a ministerial meeting scheduled next month, the GCC Secretariat said in a statement.



The meeting assumes significance as India and the GCC resumed negotiations in February for a comprehensive trade agreement aimed at boosting bilateral trade and investment, even though the talks were temporarily stalled in June because of the West Asia crisis.

The GCC is India's largest trading partner bloc, with bilateral trade reaching USD 178.56 billion in 2024-25, accounting for 15.42 per cent of India's global trade, according to official data. India's exports to the GCC stood at about USD 56.87 billion during the period, while imports were valued at USD 121.68 billion.



Key Indian exports include engineering goods, rice, textiles, machinery, gems and jewellery, while imports are dominated by crude oil, LNG, petrochemicals and gold.



Also Read: India reworks oil map With Venezuela as Hormuz battlefield keeps Gulf flows in doubt



The GCC countries are also a major source of investment for India, with cumulative investments exceeding USD 31.14 billion as of September 2025.



The region, a major source of remittances, is home to nearly 10 million members of the Indian community.



The latest negotiations mark a resumption of talks that were held in 2006 and 2008, before the GCC deferred discussions on free trade agreements with countries and economic groupings.



Meanwhile, India has already implemented a trade pact with the UAE and signed a Comprehensive Economic Partnership Agreement with Oman.

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India Gulf Cooperation Councilfree trade agreement India GCCbilateral trade India GCCIndia GCC investmentGCC countries trade relationsIndia Saudi Arabia relationsGCC economic partnershipregional security India GCC

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