Financial Daily from THE HINDU group of publications
Friday, Mar 10, 2006
Financial Daily from THE HINDU group of publications Friday, Mar 10, 2006 |
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Industry & Economy
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Foreign Trade India, GCC countries meet on FTA in Riyadh Our Bureau
TRADING TIMES: Dr J.J. Irani, Director, Tata Sons Ltd, and Mr Hilal Bin Hamad AL Hasni, Director-General of Industry, Ministry of Commerce and Industry, Sultanate of Oman, at a press conference in Mumbai on Thursday. - Shashi Ashiwal
Mumbai , March 9 The second round of negotiations between India and GCC countries on a Free Trade Agreement (FTA) are scheduled to begin at Riyadh in the third week of this month. The first round of signing a framework agreement was held in 2004. The initiative for the FTA originally came from the GCC (Gulf Co-operation Council) countries, which now emerged as India's second largest trading partner with the two-way trade exceeding $16 billion. Mr Hilal Bin Hamad Al Hasni, Director-General of Industry, the Sultanate of Oman, who is now on visit to India, today said that he expected the FTA to be signed this year. The GCC counties include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. Mr Al Hasni was addressing a press conference to announce the second GCC-India Industrial conference to be held in Muscat from March 25. Mr J.J. Irani, former President of CII and Director, Tata Sons, said that the Union Minister of Commerce and Industry, Mr Kamal Nath, would head the Indian delegation to the conference. Over 400 delegates from both the partner countries are expected to participate in the two-day conference. He said GCC countries constitute an important area in the geo-strategic matrix of India. GCC now meets 60 per cent of India's oil requirement, he said. Mr Arafah Sameer, Consul General of Sultanate of Oman in Mumbai, said all the Indian delegates to the conference would be given free visa.
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