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India-Gulf FTA: New milestones
The article discusses the future of the economic relations between India and the Gulf Cooperation Council (GCC) countries amid the resumption of negotiations to establish a free trade agreement between the two sides. The analysis emphasizes that the agreement is no longer just a tool for trade regulation but is now based on building a deep economic partnership that includes investment, manufacturing, and services, with the goal of shifting from an energy trade-dependent model to more diverse and integrated ones. It clarifies that, despite the impressive figures exceeding $178.6 billion in annual trade, current relations are still primarily centered on the export of oil and gas from the Gulf in exchange for Indian goods and services. This reflects an unbalanced economic structure. The article affirms that the success of the agreement depends on enhancing joint production, facilitating investments, and expanding trade in non-oil sectors. It also highlights the need to address challenges such as differing priorities among Gulf countries, issues related to data protection, intellectual property rights, and overcoming regulatory obstacles to ensure long-term strategic and economic benefits.
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