Delhi: India and the six-nation Gulf Co-operation
Council (GCC) will meet next month to resume the talks
on proposed Free Trade Agreement (FTA) since the last
round of talks in March 2006.
GCC bloc is is one of India''s largest trading partners,
with exports to this region constituting about 3-4 per
cent of the country''s global exports and imports from
the region accounting for over 20 per cent of global
imports. The six - nation GCC include UAE, Bahrain,
Kuwait, Saudi Arabia, Oman and Qatar.
meeting the UAE prime minister Sheikh Mohammed bin Rashid
al Makhtoum commerce minister Kamal Nath said that talks
would be held sometime next month.
is keen to seek greater safeguards for its chemicals
and petrochemical industry in the proposed FTA, to protect
its domestic industry, which would have to face stiff
competition against due to the extremely low cost of
crude in the GCC bloc.
addressing a business meeting organised by industry
chambers CII, FICCI and Assocham, Nath said the changing
contours of the global economy offered greater opportunities
to India and UAE for partnerships.
engagement with the global economy will touch USD 450
billion this year. The country is not only an exporter
but also a big importer," he said.
said there were lot of opportunities for UAE and India
to cooperate. "If we work together we can be number
one". He also proposed JVs between Indian and UAE
companies to take on global competition.