Saudi deputy FM meets Sudan's Sovereign Council chief in Port Sudan    Kuwait, India to elevate bilateral relations to strategic partnership Sheikh Mishal awards Mubarak Al-Kabir Medal to Modi    MoH to penalize 5 health practitioners for professional violations    Al-Samaani: Saudi Arabia to work soon on a comprehensive review of the legal system    Environment minister inaugurates Yanbu Grain Handling Terminal    Germany's attack suspect reportedly offered reward to target Saudi ambassador    U.S. Navy jet shot down in 'friendly fire' incident over Red Sea    Israeli strikes in Gaza kill at least 20 people, including five children    Trudeau's leadership under threat as NDP withdraws support, no-confidence vote looms    Arabian Gulf Cup begins with dramatic draws and a breathtaking ceremony in Kuwait    GACA report: 928 complaints filed by passengers against airlines in November    Riyadh Season 5 draws record number of over 12 million visitors    Fury vs. Usyk: Anticipation builds ahead of Riyadh's boxing showdown    Saudi Arabia to compete in 2025 and 2027 CONCACAF Gold Cup tournaments    Marianne Jean-Baptiste on Oscars buzz for playing 'difficult' woman    PDC collaboration with MEDLOG Saudi to introduce new cold storage facilities in King Abdullah Port Investment of SR300 million to enhance logistics capabilities in Saudi Arabia    Al Shabab announces departure of coach Vítor Pereira    My kids saw my pain on set, says Angelina Jolie    Legendary Indian tabla player Zakir Hussain dies at 73    Eminem sets Riyadh ablaze with unforgettable debut at MDLBEAST Soundstorm    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



India, GCC agree to resume negotiations for FTA: Goyal
Published in The Saudi Gazette on 25 - 11 - 2022

India and the Gulf Cooperation Council (GCC) have agreed to resume negotiations for a Free Trade Agreement (FTA) Indian Minister of Commerce and Industry Piyus Goyal said on Thursday. The date of the launch of the negotiation, however, was not disclosed.
India and GCC had signed a framework agreement on economic cooperation to explore the possibility of an FTA between them — more than 17 years ago.
Thereafter, two rounds of negotiations happened in 2006 and in 2008. However, after the two rounds, the economic union deferred its negotiations with all countries and economic groups.
Separately, India signed a trade deal with the UAE earlier this year in February.
"We have agreed to pursue the free trades agreement between GCC and India and resume the negotiations and conclude the same at the earliest," Goyal told reporters in New Delhi at a joint press conference with GCC Secretary General Nayef Falah Al-Hajraf.
Goyal also said teams from both sides would decide on the next round of talks. The six nations — Saudi Arabia, Untired Arab Emirates, Qatar, Kuwait, Bahrain and Oman — form the union in the Gulf region. The GCC is India's largest trading bloc.
India's exports to GCC member countries grew 58.26% to about $44 billion in 2021-22 as against $27.8 billion in 2000-21, according to the data from the Commerce Ministry.
Bilateral trade in goods increased to $1554.73 billion in 2021-22 from $87.4 billion in 2020-21. Service trade between the two regions was valued at around $14 billion in 2021-22, with exports aggregated at $5.5 billion and imports at $8.3 billion. GCC countries contribute almost 35% of India's oil and 70% of its gas imports.
Goyal said that the trade deal will be comprehensive, with substantial coverage of goods and services, including technology, food security, climate change, energy security, among others.
The UAE and Saudi Arabia make up for most of the trade with the GCC. Investments from the GCC in India are currently valued at over $18 billion.
Petroleum products, precious and semi-precious stones, and plastics are the top imported items from the GCC. Cereals, electrical equipment, apparel, and machinery are the top exported items in the region. — Agencies


Clic here to read the story from its source.