India, GCC agree on terms to start FTA talks

India and the Gulf Cooperation Council (GCC) agreed today, Feb. 5, on terms to begin negotiations for a free trade agreement (FTA), Reuters reported, quoting Indian Commerce Minister Piyush Goyal.

According to data available with Argaam, FTAs help boost the local value added of exports through global value chains.

They also set the tariffs and customs duties that countries impose on imports and exports, aiming to reduce or remove trade barriers and promote international trade.