India and GCC sign Joint Statement launching FTA negotiations
Commerce Minister Piyush Goyal and Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi signed the Joint Statement on the India–GCC Free Trade Agreement in New Delhi on 24 February 2026, formally launching negotiations.
Summary
Commerce Minister Piyush Goyal and Gulf Cooperation Council (GCC) Secretary General Jasem Mohamed Albudaiwi signed the Joint Statement on the India–GCC Free Trade Agreement in New Delhi on 24 February 2026, formally launching negotiations. The Terms of Reference had been signed on 5 February 2026. The GCC is India's largest trading partner bloc: trade reached USD 178.56 billion in FY 2024-25 (exports USD 56.87 billion, imports USD 121.68 billion), or 15.42% of India's global trade. The bloc has a population of 61.5 million and a GDP of USD 2.3 trillion, and its cumulative FDI in India exceeded USD 31.14 billion by September 2025.
Key facts
- Date and place
- 24 February 2026, New Delhi
- Signatories
- Piyush Goyal; GCC SG Jasem Mohamed Albudaiwi
- ToR
- Signed 5 February 2026
- Trade FY25
- USD 178.56 bn (exports 56.87, imports 121.68)
- Share
- 15.42% of India's global trade — largest trading bloc partner
- GCC FDI
- Over USD 31.14 bn (Sept 2025)
Practice MCQs 4 questions
Who signed the Joint Statement on the India–GCC FTA with Piyush Goyal on 24 February 2026?
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Correct answer: D — GCC Secretary General Jasem Mohamed Albudaiwi
The Joint Statement was signed by Piyush Goyal and GCC Secretary General Jasem Mohamed Albudaiwi in New Delhi.
When were the Terms of Reference for the India–GCC FTA signed?
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Correct answer: B — 5 February 2026
The Terms of Reference were signed on 5 February 2026; the Joint Statement launching negotiations followed on 24 February.
What was India's total trade with the GCC in FY 2024-25?
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Correct answer: D — USD 178.56 billion
India–GCC trade was USD 178.56 billion in FY 2024-25 (exports USD 56.87 billion and imports USD 121.68 billion).
Consider the following statements about India–GCC trade in FY 2024-25: 1. The GCC accounted for about 15.42% of India's global trade, making it India's largest trading partner bloc. 2. India ran a trade surplus with the GCC. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. India's imports (USD 121.68 billion) far exceeded its exports (USD 56.87 billion), so India ran a deficit.