India, GCC aim to unlock trade potential as deal talks continue

Business Saturday 26/September/2026 11:02 AM
By: Agencies
India, GCC aim to unlock trade potential as deal talks continue

New York: The India-Gulf Cooperation Council (GCC) Troika Ministerial Meeting was held on the sidelines of the 81st session of the United Nations General Assembly in New York, reviewing ways to strengthen strategic, economic and people-to-people ties between India and the GCC countries.

The meeting was led by Dr. S. Jaishankar, India’s External Affairs Minister, while the GCC was represented by Dr. Abdullatif bin Rashid Al Zayani, Minister of Foreign Affairs of Bahrain; Jasem Mohamed Albudaiwi, Secretary-General of the GCC; and Adel Al-Jubeir, Minister of State for Foreign Affairs of Saudi Arabia.

Reem Al Hashimy, Minister of State for International Cooperation of the UAE; Sultan Al Muraikhi, Minister of State for Foreign Affairs of Qatar; Ambassador Mohammed bin Abdullah Al Qutbi, Director of the Department of Organizations at Oman’s Ministry of Foreign Affairs; and Ambassador Hamad Al Marii, Assistant Minister for Foreign Affairs of Kuwait, also participated in the meeting.

The participants reaffirmed their commitment to building on the outcomes of the first India-GCC Joint Ministerial Meeting for Strategic Dialogue, held in Riyadh on September 9, 2024.

The meeting highlighted the longstanding relations between India and GCC countries, supported by strong trade, investment and people-to-people links. Cooperation between the two sides has expanded in recent years across sectors including trade, investment, energy, healthcare, technology and culture.

The participants noted that bilateral trade between India and the GCC reached $178.66 billion during the 2025-26 financial year, reflecting the growing importance of economic relations between the two sides.

The meeting also reviewed progress in implementing the India-GCC Joint Action Plan (JAP) 2024-2028, which provides a framework for cooperation in areas including political dialogue, security, trade and investment, agriculture and food security, transport, energy, health, culture and education.

The participants welcomed the launch of negotiations on an India-GCC Free Trade Agreement following the finalisation of the Terms of Reference in February 2026. They noted that the agreement could further expand and diversify trade and strengthen economic integration between India and the GCC upon its conclusion.

Dr. Jaishankar expressed appreciation to the GCC countries for continuing to supply energy and fertilisers to India despite disruptions to trade routes during the recent conflict in West Asia. He also stressed the importance of further strengthening the India-GCC energy partnership, including cooperation in renewable energy, biofuels and green technologies.

The meeting underlined the importance of strengthening people-to-people connections through cooperation in arts, heritage, yoga, music, cinema and literature. Dr. Jaishankar also expressed appreciation to GCC countries for ensuring the welfare and safety of the Indian diaspora, particularly during the recent developments in West Asia.

The participants exchanged views on regional and international developments of mutual interest, including the situation in West Asia, challenges affecting commercial shipping through international waterways and the need for reform of multilateral institutions.

They also discussed contemporary challenges related to sustainability and terrorism. Dr. Jaishankar stressed the importance of regional peace and security and the use of dialogue and diplomacy to resolve conflicts.

The two sides agreed to convene the second India-GCC Joint Ministerial Meeting for Strategic Dialogue at an early date.