Piyush Goyal, Majid Al Qassabi meet online on India-GCC FTA
India's Commerce Minister Piyush Goyal and Saudi Trade Minister Majid bin Abdullah Al Qassabi just met online to tackle recent trade hiccups caused by the ongoing West Asia crisis.
With supply routes disrupted by tensions involving the US Israel, and Iran, both ministers agreed it's time to strengthen supply chains and speed up talks on a free trade agreement between India and the Gulf Cooperation Council (GCC).
India Gulf trade hit $178 billion
The Gulf region is a big deal for India: trade hit $178 billion in 2024-25, with exports like petroleum products and engineering goods taking a hit from the conflict.
Both sides are pushing for quick fixes to keep goods moving smoothly and are optimistic about building stronger economic ties with all six GCC countries: Saudi Arabia, U.A.E., Oman, Qatar, Kuwait, and Bahrain.