India, Feb. 6 -- India and the six-nation Gulf Cooperation Council (GCC), including Saudi Arabia and the United Arab Emirates, have signed the Terms of Reference (ToR) for the proposed India-GCC Free Trade Agreement (FTA), marking the formal launch of negotiations.

The ToR was signed on February 5 at Vanijya Bhawan in New Delhi by Ajay Bhadoo, Additional Secretary and Chief Negotiator, Department of Commerce, and Dr. Raja Al Marzouqi, Chief Negotiator at the Secretariat General of the GCC.

The Terms of Reference will define the scope and modalities of the proposed agreement and guide negotiations for the India-GCC FTA.

Speaking on the occasion, Piyush Goyal said the agreement would act as a "force multiplier for the global good" and br...