New Trade Agreement Between India and Gulf Countries

Agreement Between India and Gulf Cooperation Council

India and the six member countries of the Gulf Cooperation Council have reached an agreement on the terms to commence discussions for a free trade agreement. This agreement is seen as an important step towards strengthening trade relations.

Energy and Trade Cooperation with Gulf Countries

Indian Commerce Minister Piyush Goyal stated in relation to the trade talks, which involve significant countries such as Saudi Arabia and the United Arab Emirates, that the free trade agreement with the Gulf Cooperation Council would diversify energy resources and contribute to economic growth.

Trade Agreement with the U.S. to Become Official in March

Minister Goyal expressed that the formal signing of the trade agreement with the U.S. is expected to take place in March. New Delhi plans to reduce tariffs on U.S. goods. In a joint statement to be made by both parties in the coming days, it is reported that Washington will also commit to reducing tariffs on Indian goods.

Significant Import Expectations

The Indian minister revealed that they anticipate importing at least 500 billion dollars worth of energy, aircraft, and chips from the U.S. in the next five years. Goyal mentioned that the value of orders from aircraft manufacturers like Boeing could range between 70 to 80 billion dollars, and if engines are included, this amount could exceed 100 billion dollars.

Past Trade Agreements

India recently signed a trade agreement with the European Union last month. These steps stand out as part of India's efforts to strengthen its international trade strategy.