More Stories

Informist, Thursday, Feb. 5, 2026

 

Please click here to read all liners published on this story

--Govt: India, Gulf Cooperation Council sign terms of reference for FTA 
--Minister Goyal: Petrochem cos to benefit from FTA with Gulf trade bloc 
--CONTEXT:Minister Goyal's remark at signing of FTA terms with Gulf trade bloc 
--Minister Goyal: FTA with Gulf trade bloc to diversify energy sources 
--Minister Goyal:FTA with Gulf Cooperation Council to ensure food security 
--Minister Goyal:FTA with Gulf Cooperation Council to ensure energy security 
 

 

NEW DELHI – India and the Gulf Cooperation Council signed terms of reference for a free trade agreement Thursday. While within the six-nation trade bloc, India already has free trade agreements with the United Arab Emirates and Oman, this deal will open new markets in Saudi Arabia, Qatar, Kuwait, and Bahrain. 

 

The proposed trade deal with the Gulf nations will strengthen India's food and energy security, Commerce Minister Piyush Goyal said at the signing ceremony of the terms for the deal on Thursday. The trade pact will also help diversify India's energy sources, Goyal added. "The trade deal will massively benefit India's petrochemical industries," he said.

 

Given the current environment of heightened geopolitical uncertainties, this trade pact will add to global economic stability, Gulf Cooperation Council's General Coordinator for Negotiations Raja Al-Marzoqi, who was present at the event, said. Raja Al-Marzoqi signed the terms of reference for the agreement with India's chief negotiator Ajay Bhadoo, additional secretary at the commerce ministry.

 

While India and the Gulf Cooperation Council have been negotiating a trade deal for several years now, due to the delayed pace, some nations of the bloc decided to independently negotiate an agreement with New Delhi. India signed a free trade agreement with the UAE four years ago, after which exports to the Gulf nation jumped 68% to $28 billion in 2021-22 (Apr-Mar). India also signed a similar agreement with Oman in December, which is likely to be effective by March. 

 

The Gulf Cooperation Council accounts for 13% of India's total exports, with outbound shipments of $56.87 billion in FY25. India's imports from the region were $121.67 billion in the last financial year.  End

 

US$1 = INR 90.21

 

Reported by Asim Khan and Krity Ambey

Edited by Tanima Banerjee

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.