RIYADH: The secretary-general of the Gulf Cooperation Council confirmed that the signing of the joint declaration and the GCC-India free trade agreement negotiations mark a new stage in the strategic alliance. According to the Saudi Press Agency, Jasem Mohamed Al-Budaiwi stated that this helps to improve tight cooperation and fortify commercial and economic connections.
This occurred on Tuesday in New Delhi during the joint statement-signing ceremony between Al-Budaiwi and Piyush Goyal, India’s Minister of Commerce and Industry, to begin free trade agreement discussions.
Al-Budaiwi stated at the signing ceremony that the Terms of Reference, agreed on February 5, provide a thorough and precise framework for these discussions. The two countries decided to discuss strengthening their collaboration in key areas, such as trade in commodities and services, as well as customs processes.
Along with other subjects of shared interest, the framework also addresses intellectual property rights, sanitary and phytosanitary measures, and collaboration on micro, small, and medium-sized businesses. This illustrates the agreement’s comprehensiveness and adaptability to the changing economic landscape.
Al-Budaiwi expressed optimism that these talks would result in a comprehensive and ambitious free trade agreement that aims to further liberalize trade and investment cooperation between the GCC and India for mutual benefit, improve the flow of high-quality investments in both directions, and remove barriers to both customs and non-customs trade.
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