India to explore FTA with AGCC

NEW DELHI — India will explore a free trade agreement with the Gulf Cooperation Council (GCC) and explore opportunities with individual countries in the Arab world for greater cooperation in the services sector.

By (IANS)

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Published: Thu 28 Jul 2005, 10:36 AM

Last updated: Thu 2 Apr 2015, 2:48 PM

A meeting of the Trade and Economic Relations Committee, chaired by Prime Minister Manmohan Singh Wednesday, also directed the ministries of commerce and external affairs to conclude the free trade agreement with the GCC.

"India's look-east policy facilitated negotiations on a free trade pact with members of the Association of Southeast Asian Nations (ASEAN)," said Sanjaya Baru, media advisor to the prime minister.

"This new look-west initiative towards the GCC members will bring the economies of the Gulf closer to India," Baru told IANS.

"The prime minister has also approved talks with individual member countries of the GCC - United Arab Emirates, Kuwait, Qatar, Oman, Bahrain and Saudi Arabia - for a comprehensive economic cooperation agreement," he added.

India has a comprehensive economic cooperation agreement with Singapore, a free trade pact with Singapore and a similar agreement with Thailand, with commitment for a South Asian free trade area.

"The Gulf region is a part of our natural economic hinterland. We must pursue closer economic relations with all neighbours in our wider Asian neighbourhood," Dr. Manmohan Singh told the meeting.

"India has successfully pursued a 'look-east' policy to come closer to countries in Southeast Asia. We must similarly come closer to our western neighbours in the Gulf,' he added.

Commerce Minister Kamal Nath, Finance Minister P. Chidambaram, External Affairs Minister K. Natwar Singh and National Security Advisor M.K. Narayanan were among those who attended the 45-minute meeting.


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