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India's FTA negotiations with Israel, GCC currently on hold amid West Asia crisis: Goyal
Jun-30-2026

Commerce and Industry Minister Piyush Goyal has said that India's negotiations for free trade agreements (FTAs) with Israel and the six-nation Gulf Cooperation Council (GCC) are currently on hold due to the ongoing West Asia crisis. However, negotiations are progressing with Chile, Mexico, the South African Customs Union (SACU), the Russia-led Eurasian Economic Union (EAEU), and Mercosur, while discussions with Canada are at a very advanced stage.

Mercosur comprises Brazil, Argentina, Uruguay, and Paraguay. The EAEU includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, while the SACU consists of South Africa, Namibia, Botswana, Lesotho, and Eswatini. GCC is a union of six countries in the Gulf region: Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. Goyal said that India has finalised nine FTAs in the last three and a half years, covering 38 developed and prosperous countries, including the UK, the EU, EFTA nations, Mauritius, the UAE, Oman, Australia, and New Zealand. 

Talking about India-Greece trade relations, the minister said that the bilateral trade, currently valued at $1.3 billion, remains below its potential and both countries should work to increase it. He suggested four areas where companies of both countries can increase collaboration. These areas include shipping and logistics, clean energy (Solar, wind, offshore wind, green hydrogen, and nuclear power), technology, and processed food. He added that strengthening ties with Greece aligns with India's broader goal of raising exports to $1 trillion in the current fiscal year (FY27), up from $863 billion in 2025-26. 


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