GCC and India finalising terms to begin free trade talks
Discussions between the Gulf Cooperation Council (GCC) and India are reportedly ongoing to finalise the terms of reference for a free trade agreement.
“Talks to finalise the terms of reference are ongoing,” Economic Times, an Indian financial newspaper, reported, quoting an Indian commerce and industry ministry statement.
India and the GCC signed a framework for the free trade agreement in 2004. The GCC paused negotiations globally in 2011, but talks resumed after the GCC Secretary General Nayef Al Hajraf visited India in November 2022.
The GCC shared a revised terms of reference in October 2023, and both sides have since exchanged updated versions.
The terms of reference set the framework and scope of the negotiations for the proposed Comprehensive Economic Partnership Agreement (Cepa).
The terms of reference for finalising Cepa with Qatar are nearly finalised, while the term sheet has been shared with Bahrain, the report said.
India and Bahrain are in the process of setting up a joint working group on trade and investment, the report added.
This month, Oman and India signed a long-delayed Cepa that aims to boost trade between the two nations.
The UAE and India signed a Cepa in 2022 when bilateral trade stood at around $60 billion. The target is to exceed $100 billion.
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