India and the Gulf Cooperation Council (GCC) expect a free trade agreement between
the two to be in place by the year-end.
Delhi is also starting a negotiations with South Korea on July 24 where the two
sides will give details of their initial offers on tariffs.
between GCC and India on the FTA are expected to be concluded by the year-end
and an agreement will be signed by early next year. This would give a further
fillip to bilateral trade ties, Indian ambassador to Bahrain, Balkrishna Shetty,
is keen to have this agreement and seems to be ready to help remove any possible
bottlenecks for moving ahead with this, he told a meeting in the Bahraini capital
said Bahrain is the only country in the Gulf that has an FTA with the United States
and Indian companies setting up business in Bahrain gain access to the US market
as well, adding that it is also the most liberal country in the Gulf region.
said there are many opportunities for joint ventures between India and Bahrain,
and Bahrain can be a business hub for Indian companies.
identified sectors like manufacturing, services, education, training, infrastructure
projects, aluminum, petrochemicals, information technology, tourism and healthcare
for possible tie-ups.
trade between India and Bahrain last year touched $532.08 million from $343.59
million five years ago.
the four-day meeting starting in New Delhi on July 24, the two sides will give
details of their initial offers on tariffs, the ministry of agriculture and forestry
and New Delhi started talks on a comprehensive economic partnership agreement
(CEPA), similar to a free trade deal, in March 2006.
two countries are also expected to discuss place-of-origin rules for agricultural
products and processed goods, the ministry said.
already has FTAs with Chile, Singapore, the European free trade association and
the Association of Southeast Asian Nations, excluding Thailand.