The GCC countries, Oman, UAE, Bahrain, Kuwait, Qatar and Saudi Arabia — and India have identified various potential sectors like petroleum oil and energy, gas and fertilisers, information technology, higher education, civil aviation and agriculture
India and the Gulf Cooperation Council (GCC) are moving in the right direction to conclude a free trade agreement (FTA) for boosting comprehensive economic cooperation covering goods, services and investment, chairman of the Saudi-Indian Business Council Abdulrahman Al Rabiah said today.
The pact will take economic ties between India and GGC nations to higher level, he said at an interactive meeting of a 33-member business delegation from Saudi Arabia at The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
The GCC countries, Oman, UAE, Bahrain, Kuwait, Qatar and Saudi Arabia — and India have identified various potential sectors like petroleum oil and energy, gas and fertilisers, information technology, higher education, civil aviation and agriculture. A framework agreement for the FTA has already been signed.
The India-GCC FTA is expected to open abn consumers’ market for Gulf countries. An FTA in the region will benefit India substantially as the six member countries control over 45 per cent of the world’s recoverable oil wealth and 20 per cent of gas resources. They supply about a fifth of the global crude output.
The FTA will remove restrictive duties and push down tariffs on goods being traded. This will provide Indian pharma and chemical industry to export their products to the Gulf region. India is the third country apart from Japan and the United States to have become a dialogue partner of the GCC.
Items having export potential from India to GCC countries include food products, pharmaceuticals, machinery and transport equipment, ceramic products, articles of apparel and clothing, cotton and woven fabrics, plastic and rubber products, essential oils, perfumery and cosmetics besides iron and steel articles.
There are several potential sectors for investments by Indian entrepreneurs which include information technology, software development, telecommunications, education, training and healthcare services, tourism and hotel industry, banking and financial services, oil, gas and petrochemicals, electricity, housing, road and rail network.
Two-way trade between India and GCC could exceed 130bn dollars by 2013-14, up from 100bn dollars in 2009-10. The India-Saudi Arabia bilateral trade increased to 21bn dollars in 2009-10 from 3.44 bn dollars in 2005-06. India’s exports to Saudi Arabia increased to 3.90bn dollars in 2009-10 from 1.80bn dollars in 2005-06.
Speaking on the occasion, Saudi Arabia’s ambassador Faisal Hassan Ahmed Trad urged Indian companies to increase investment in his country. Among others present were chairman of ASSOCHAM’s real estate committee Navin Raheja, chairman of ASSOCHAM’s international affairs committee Anil Agarwal and ASSOCHAM’ secretary general D.S. Rawat.
New Delhi-based Intercontinental Consultants and Technocrats signed a consulting agreement with Alrabiah Consulting and Engineering Services at the meet.
Rawat said ASSOCHAM will lead a 30 Members delegation to Saudi Arabia in early May
0 comments:
Post a Comment