News: India, GCC to accelerate finalisation of FTA

(PTI 27/03/2006) Dubai - Entering a new era of partnership, India and the six Gulf Cooperation Council (GCC) countries have decided to accelerate finalisation of the free trade area agreement and enforce the framework agreement for economic cooperation, which includes joint ventures in the sectors of energy, communications and petrochemicals.

Both sides have agreed to enforce the GCC-India Framework Agreement for Economic Co-operation, and expedite the finalisation of the free trade area agreement, which includes other economical sectors, Mohsin bin Khamis al Balushi, advisor at the Ministry of Commerce and Industry, Oman, said.

The FTA is expected to be ready by 2007, he said. The bilateral relationship between the GCC and India has entered into a new era of partnership this year, a declaration issued after the conclusion of the two-day India-GCC Business Summit in Omani capital, Muscat, said.

Minister of Commerce and Industry Kamal Nath and commerce ministers from the six GCC countries, Saudi Arabia, the UAE, Oman, Qatar, Bahrain and Kuwait attended the summit.