His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed that the launch of Free Trade Agreement (FTA) negotiations between the GCC and the Republic of India, along with the signing of the Joint Statement, represents a new phase of strategic partnership that contributes to strengthening close cooperation and economic and trade ties.
This announcement took place during the signing ceremony of the Joint Statement on the launch of the FTA negotiations between His Excellency the Secretary General and His Excellency Mr Piyush Goyal, Minister of Commerce and Industry of the Republic of India, today, Tuesday, February 24, 2026, in the Indian capital, New Delhi.
During the ceremony, His Excellency underlined that the bonds between the GCC states and India transcend passing economic interests; they are deep-rooted historical relations strengthened by centuries of cultural and social proximity.
"This reflects the shared vision of Their Majesties and Highnesses, the leaders of the GCC states to enhance cooperation across all fields for mutual benefit. India is one of the Council's most vital global trading partners, and the growing volume of trade and integration in key sectors such as energy, food security, and technology makes deepening this cooperation a strategic economic necessity," His Excellency said, adding that India is not only a vast and promising market but also a global hub for innovation and industry with which the Council is proud to partner.
His Excellency pointed out that the Terms of Reference (ToR) signed on February 5, 2026, provide a comprehensive and clear framework for these negotiations.
"Both sides agreed to explore enhancing cooperation in vital strategic areas, including Trade in Goods, Customs Procedures, Trade in Services, and Digital Trade. Furthermore, the framework covers Sanitary and Phytosanitary (SPS) measures, Intellectual Property Rights, and cooperation regarding Micro, Small, and Medium Enterprises (MSMEs), alongside other matters of mutual interest, reflecting the comprehensive nature of the agreement and its ability to keep pace with the economy of the future," His Excellency stated.
In conclusion, His Excellency expressed his aspiration for these negotiations to lead to a comprehensive and ambitious FTA that eliminates tariff and non-tariff barriers, boosts the flow of qualitative investments in both directions, and achieves further liberalisation in trade and investment cooperation for mutual benefit.
This aim includes creating a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates economic growth in line with the ambitious development visions of the GCC countries.
Moreover, His Excellency Mr Albudaiwi expressed the General Secretariat's full readiness to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
Following the ceremony, His Excellency Mr Albudaiwi and His Excellency the Indian Minister of Commerce and Industry held a bilateral meeting to review joint cooperation relations and discuss ways to further elevate them to serve mutual interests and elevate strategic partnership opportunities, particularly in the economic, investment, and trade fields.
During the bilateral meeting, His Excellency Mr Albudaiwi emphasised the importance of GCC-Indian relations, noting their continuous growth, which embodies deep historical ties and shared interests. He expressed the GCC's desire to strengthen these relations economically by accelerating joint efforts and opening broader avenues for trade and investment exchange.
Meanwhile, both sides praised the role of their respective negotiating teams in the FTA process, valuing the efforts made to achieve tangible progress toward an ambitious and comprehensive agreement that enhances economic integration and supports the flow of trade between the GCC and the Republic of India.
