India-GCC FTA talks in April: Nath
GCC is one of India's largest trading partners, with exports to this region constituting about 3-4 per cent.
By PTI |
New Delhi: After more than a year's gap, representatives of India and the six-nation Gulf Co-operation Council (GCC) will meet next month to take forward the talks on proposed free trade agreement (FTA).
"Talks (on FTA) will be held sometime next month," Commerce and Industry Ministry Kamal Nath said after meeting Prime Minister of UAE Sheikh Mohammed Bin Rashid Al Makhtoum.
The first round of talks were held in March 2006 and after that no new date for the talks was communicated by the GCC. A meeting has now been scheduled in April.
UAE is an important constituent of GCC, that also comprises Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
In the proposed FTA, India is likely to seek greater safeguards for its chemicals and petrochemical industry. This is being done with a view to protect domestic players who would find it difficult to handle competition as the cost of crude oil is extremely low in GCC.
GCC 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.
Earlier, addressing a business meeting organised by industry chambers CII, FICCI and Assocham, Nath said the changing architecture of global economy offered greater opportunities to India and UAE for partnerships.
"India's engagement with the global economy will touch 450 billion dollars this year. The country is not only an exporter but also a big importer," he said.
Makhtoum 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.
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