MUMBAI, Feb 21 (NNN-PTI) – India expects to conclude a comprehensive economic partnership agreement with the Gulf Cooperation Council (GCC), in this calendar year, following a similar pact with the UAE which was sealed on Friday, said the country’s commerce minister, in a statement issued here yesterday.
The Secretary-General of the GCC expressed the desire to fast track the negotiations, Commerce Minister, Piyush Goyal, said.
“We are also confident in our negotiating ability, we have conducted negotiations in a rapid manner with UAE, and we believe that a similar agreement on trade would be concluded with the GCC in this year itself,” Goyal said.
GCC is a union of six countries in the Gulf region, namely, Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain, with a combined nominal GDP of 1.6 trillion U.S. dollars.
Earlier on Friday, India had sealed a similar pact with the UAE that will open up new markets for its textiles, gems and jewellery, leather goods and footwear and food processing industry, among others, and would be effective by earlier May.
“Since UAE functions as a trading hub, the agreement will help provide us market entry points to Africa, Middle East and Europe,” Goyal said.
The UAE is India’s third largest bilateral trading partner and the two countries aim to increase their bilateral trade to 100 billion U.S. dollars over the next five years, Goyal said.
