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India and the Gulf Cooperation Council (GCC) have signed the Terms of Reference (ToR) for a Free Trade Agreement (FTA) in New Delhi, aiming to boost bilateral trade projected at $178.56 billion. The ToR paves the way for negotiations to improve market access, attract investments, and create jobs.

Key areas include goods, services, investment, and e-commerce. The agreement is expected to enhance India’s strategic economic ties with the GCC, which includes six Gulf states and has a significant Indian expatriate community.