India, Gulf Cooperation Council ink terms of reference for starting FTA talks
GS2Polity · Governance · IR· India's bilateral relations· Prelims + Mains·
Why in news
India and the Gulf Cooperation Council (GCC) signed terms of reference to initiate negotiations for a Free Trade Agreement (FTA) to boost bilateral trade and investment.
Background
India and the GCC (a union of six countries) signed the terms of reference for FTA talks. India's exports to the GCC grew by approximately one percent in 2024-25.
Facts for Prelims
- FactIndia's exports to the GCC grew by about one percent in 2024-25
- FactIndia predominantly imports crude oil and natural gas from Gulf nations
- FactIndia exports pearls, precious stones, metals, and chemicals to the GCC
- BodyGCC: A union of six countries in the Gulf region
For Mains
Q. Discuss how a Free Trade Agreement with the Gulf Cooperation Council can diversify India's energy security and enhance its export footprint in the Middle East.
Dimensions to cover in your answer
- Trade diversification: Reducing reliance on specific energy imports while expanding non-oil export markets
- Geopolitical alignment: Strengthening economic ties to counter regional competition and secure maritime trade routes
Keywords: bilateral trade · Free Trade Agreement · energy security · export diversification · GCC
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