India, GCC firm terms for starting FTA talks

New Delhi: India and the six-nation bloc of Middle Eastern nations, the Gulf Cooperation Council (GCC), inked terms of reference on Thursday for starting talks for a Free Trade Agreement (FTA).

The terms of reference (ToR) outline the scope and modalities of a proposed trade pact.

Commerce and Industry Minister Piyush Goyal presided over the signing ceremony of the ToRs with GCC.

GCC is a union of six countries in the Gulf region -- Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain.

Goyal said that the agreement will help boost bilateral trade and investments between the two.

He added that about 10 million Indians are living and working in the GCC region.