Jaishankar holds talks with GCC Secretary General AlBudaiwi

New Delhi, Feb 24 (PTI) External Affairs Minister S Jaishankar on Tuesday held talks with Secretary General of Gulf Cooperation Council Jasem Mohamed AlBudaiwi focusing on ways to shore up two-way cooperation in areas of energy, trade and investment.

AlBudaiwi is currently on a visit to India.

The GCC is an influential grouping comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.

The meeting between Jaishankar and AlBudaiwi coincided signing of a joint document by India and the Gulf Cooperation Council (GCC) to formally launch negotiations for a Free Trade Agreement (FTA).

"The India-“GCC Joint Action Plan, anchored in our Strategic Dialogue, is advancing cooperation across trade and investment, energy and agriculture, security, and people-to-people ties," Jaishankar said on social media.

"Expressed confidence that the India-“GCC Free Trade Agreement will further elevate our partnership," he said.

The FTA holds significant potential to unlock and expand trade with an important region, with which India has longstanding historical ties in trade and commerce, according to an Indian readout.

The GCC is India's largest trading partner bloc with bilateral trade reaching USD 178.56 billion in 2024-25, accounting for 15.42 per cent of India's global trade.

In the last five years, India's trade with the GCC has expanded steadily, registering an annual average growth rate of 15.3 per cent. PTI MPB KVK KVK