India–GCC Terms of Reference for FTA Negotiations
Why in the news
India and the Gulf Cooperation Council (GCC) agreed on the Terms of Reference that formally open negotiations for a Free Trade Agreement.
Key facts
- Document signed: Terms of Reference (ToR) for FTA talks.
- Parties: India and the Gulf Cooperation Council.
- Trade position: the GCC is India’s largest bloc partner in merchandise trade.
Aims of the proposed FTA
- Stronger trade and investment links.
- Energy cooperation.
- Supply-chain integration with West Asia.
Exam angle
- Know the step reached: ToR signed, so negotiations are only beginning and no FTA exists yet.
- Likely question: the GCC’s rank as a trade partner bloc for India.
- Related terms: FTA, merchandise trade, West Asia.