New GCC Push for India FTA

22 May 2007: Manama

Bahrain is to attend a key meeting in Mumbai which will discuss the finalisation of a Free Trade Agreement (FTA) between India and the GCC countries.

The third India-GCC Industrial Conference will be held in Mumbai on May 29 and 30.

It will be attended by officials from the Industry and Commerce Ministry, the Economic Development Board and the Bahrain Chamber of Commerce and Industry (BCCI), as well as leading Bahraini businessmen.

Indian Ambassador Balkrishna Shetty, who will also attend the meeting, said the event would mark a major milestone in India-GCC relationship.

"The first India-GCC Industrial Conference, held in Mumbai in 2005 and the second one in Muscat last year, discussed the need to sign an FTA between India and the GCC countries," he told the GDN.

"We hope the meeting in Mumbai later this month will give a final shape to the agreement.

"The FTA signed by India with countries like Singapore and Sri Lanka has proved extremely beneficial.

"An FTA between India and the GCC will have far-reaching and positive effect, especially as the Gulf countries are finalising measures to establish a GCC common market by 2010."

Mr Shetty said the trade balance between India and the GCC was in favour of India.

"While India's exports to the GCC countries last year stood at $11.67 billion, the imports were worth $7.6bn," he revealed.

"This shows that Indian goods are in great demand in the Gulf countries.

"The meeting in Mumbai will discuss measures to further increase the trade figures."

The delegation from BCCI will be led by Othman Sharif, who is the chairman of the Bahrain Asia Trading Committee at the Chamber.

Link: Gulf Daily News