GoI & GCC Sign Joint Statement on India-GCC Free Trade AgreementOn February 24, 2026, Government of India (GoI) and Gulf Cooperation Council (GCC) signed a Joint Statement for a comprehensive India-GCC Free Trade Agreement (FTA), marking a significant step towards deepening economic integration between India and GCC.
About India-GCC Joint Statement:
Signatories: The Joint Statement was signed by the Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoC&I), and Jasem Mohamed Albudaiwi, Secretary General of the GCC, in New Delhi, Delhi.
Background: The Joint Statement is built on a Terms of Reference (ToR) signed on February 5, 2026, which laid out the framework and modalities for talks.
Areas of Cooperation: 
Trade in Goods: It will focus on the reduction or elimination of tariffs and improved market access for exporters, enabling smoother and competitive trade.
Trade in Services: It aims to provide greater access for Indian professionals and enhance cooperation in sectors such as Information Technology (IT), finance, healthcare, and education.
India-GCC Relations: GCC is one of India’s important trading blocs, accounting for about 15% of India’s global trade with bilateral trade valued at about USD 178.56 billion in Financial Year 2024-25 (FY25).