India plans to seal free trade agreements with the Gulf Cooperation Council and Israel once conditions in the region improve, the South Asian nation's commerce minister said, as New Delhi seeks to diversify its export markets.
The pacts with Israel and the GCC, which comprises Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain, will be finalized “as soon as things stabilize over there,” Commerce and Industry Minister Piyush Goyal said Wednesday at the annual session of the Automotive Component Manufacturers Association of India. US Ambassador to India Sergio Gor also spoke at the event.
ALSO READ: Oil Shipments To India Face Delivery Hurdles On Mideast Snarls
India and Israel had agreed to wrap up trade negotiations soon during Prime Minister Narendra Modi's visit to Jerusalem in February, shortly before the US and Israel attacked Iran, triggering a war that disrupted global supply chains. India has been particularly exposed to the conflict because it imports nearly 90% of its crude oil.
Goyal's comments come as Modi's government seeks to accelerate free trade negotiations with other major markets. Over the past year, India has inked a trade deal with the UK, which took effect in July, as well as agreements with the European Union, Oman and New Zealand. It has also been engaged in protracted talks with the US.
India is exploring similar agreements with other countries “to get more access to critical minerals” and ensure “resilient supply chains,” Goyal said.
ALSO READ: India-US Trade Deal: Commerce Ministry To Meet Exporters; CII, FICCI, Assocham Likely To Participate
The US and India are working together as partners on critical minerals, Goyal said. The US launched the Pax Silica initiative so that “like-minded, democratic, well-meaning, and fair-play countries can work together to ensure that no single geography can weaponize trade,” he said.
Gor said India was among the first countries invited to join the initiative, “because we trust India. It is because we want to work with India.”
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
