New Delhi, February 24 (QNA) - The Gulf Cooperation Council (GCC) and the Republic of India signed a joint statement to launch negotiations for a Free Trade Agreement (FTA) between the two sides.

The joint statement was signed by GCC Secretary-General Jasem Mohamed Albudaiwi, and Minister of Commerce and Industry of the Republic of India Piyush Goyal.

Following the signing, the GCCSG stated that the joint statement represents a new phase in the strategic partnership between the two sides and contributes to strengthening close cooperation and economic and trade ties.

He added that India is one of the GCC's key global trading partners, and that the growing volume of trade and integration in vital sectors such as energy, food security, and technology makes deepening this cooperation a strategic economic necessity. He noted that India is a global hub for innovation and industry, as well as a large and promising market.

Albudaiwi noted that the terms of reference signed on Feb. 5 provide a comprehensive and clear framework for these negotiations. "Both sides agreed to explore enhancing cooperation in vital strategic areas, including Trade in Goods, Customs Procedures, Trade in Services, and Digital Trade. Furthermore, the framework covers Sanitary and Phytosanitary (SPS) measures, Intellectual Property Rights, and cooperation regarding Micro, Small, and Medium Enterprises (MSMEs), alongside other matters of mutual interest, reflecting the comprehensive nature of the agreement and its ability to keep pace with the economy of the future," he added.

The GCC Secretary-General expressed his hope that the negotiations would lead to a comprehensive and ambitious free trade agreement that eliminates tariff and non-tariff barriers, promotes the flow of quality investments in both directions, and achieves greater liberalization in trade and investment cooperation between the two parties.

Following the signing, GCCSG Jasem Mohamed Albudaiwi, and Indian Minister of Commerce and Industry Piyush Goyal, held a bilateral meeting during which they discussed joint cooperation relations between the two sides and explored ways to develop and elevate them to broader horizons, in a manner that serves mutual interests and enhances opportunities for strategic partnership between the two sides, particularly in the economic, investment and trade fields. (QNA)