UAE proposes Indo-Arabic economic bloc
08 Jan 2007
The UAE has proposed the creation of an Indo-Arabic trading bloc to ensure mutual long-term regional prosperity and growth. India and the GCC, of which the United Arab Emirates is a part, are already negotiating a free trade agreement.
India''s total annual trade with the Gulf Cooperation Council (GCC) exceeds $15 billion, representing 15 per cent of the country''s total foreign trade.
According to Shaikha Lubna al Qasimi, UAE''s economy minister, trade exchange between India and the UAE had grown from spices in the early days to oil, infrastructure materials and hi-tech products today.
She was speaking at the opening of the 6th Indo-Arab Conference and the Exhibition of Indian products held in Sharjah. Shaikha Lubna said that an economic block would help unite India and the Arab world.
Shaikha Lubna also noted that Gulf countries host more than six million Indians who transfer about $20 billion annually to their home country.
India needs to attract mover Arab investment and in return the Arab world could benefit from Indian achievements in medical science, engineering, manufacturing, education and information technology.
