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Minister for commerce and industry and textiles -- Piyush Goyal has expressed hope that the free trade agreement (FTA) between India and the United Kingdom will be concluded by Diwali. Total trade between India and the UK stood at $16 billion in FY22 (Apr-Feb). The UK was India's 17th largest trading partner during the period. A free trade agreement is a trade pact according to international law to form a free trade area between the cooperating states.

Goyal said the government is moving ahead on free trade pacts with Canada, European Union, and the UK. Moreover, he said that Australia, Israel, and the Gulf Cooperation Countries have expressed interest to forge Free Trade Agreements with India, along with Eurasia and Brazil.

The Gulf Cooperation Council (GCC) is a political and economic union of Arab states bordering the Gulf. It was established in 1981 and its six members include the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Besides, he stated that apparel, fashion jewelry and MICE (Meetings, Incentives, Conferences, and Exhibitions) are three industries where India has to grow.