India aiming for FTA with Gulf Council by year-end

New Delhi, February 20

The signing of the India-UAE Comprehensive Economic Partnership Agreement on Friday could pave the way for an agreement with the Gulf Cooperation Council (GCC) within this year itself, said Union Commerce and Industry Minister Piyush Goyal.

He said the Secretary-General of the GCC has expressed the desire to fast track the negotiations and added, “We are also confident in our negotiating ability, we have conducted negotiations in a rapid manner with the UAE and we believe that a similar agreement on trade would be concluded with the GCC this year itself.”

Addressing a press conference in Mumbai, Goyal said labour intensive industries like textiles, gems and jewellery, leather goods and footwear and food processing industry would be prominent among those to benefit the most from the India-UAE CEPA. — TNS

6 saudi nations have GDP of $1.6 trillion

The Gulf Cooperation Council is a union of six countries in the Gulf region — Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain — with a combined nominal GDP of $1.6 trillion