Negotiations on the free trade agreement between India and the Gulf Cooperation Council (GCC) are in a very productive phase of the talks. It began with the signing on 25 August 2004 of a framework agreement for economic cooperation between the two sides. The agreement provided that the two sides would consider ways to develop and liberalize trade relations and would also respect discussions on the feasibility of a free trade agreement between them. The two rounds of negotiations that took place in Riyadh on 22 March 2007 and September 2008 provided a global perspective. The GCC has agreed to include services, investment and general economic cooperation, as well as goods in the GCC Free Trade Agreement in India. In addition, agreement on the terms of the negotiations was reached and the proposal for tariff liberalization was discussed during this round. Without prejudice to the provisions of the GCC Charter and the provisions of the GCC Economic Agreement, this agreement and all measures taken in this area do not affect the power of GCC member states to undertake individual bilateral activities with the Republic of India in the areas covered by this agreement or to conclude bilateral agreements with the Republic of India. The provisions of this agreement may be amended with the agreement of the contracting parties. Given the importance of the friendship that already exists between them, a second round of negotiations took place in Riyadh on 9 and 10 September 2008. During this round, the discussion took place within the previously decided working groups. The proposal to liberalize collective bargaining was discussed during this round.
The contracting parties strive to offer a favorable climate to promote trade between them by: Remember my name, email and website in this browser for the next time I comment. Taking into account the laws and regulations in force in their country, click here to read the Mint ePaperMint, which is now animated on Telegram. Join the mint chain in your telegram and stay up to date with the latest economic news. At the India-GCC Industrial Forum in Mumbai last year, Indian Trade and Industry Minister Kamal Nath said That India was negotiating a free trade agreement with Gulf countries and that discussions on the matter would likely be concluded soon. . Since its inception, India`s foreign policy has expanded and deepened, both symbolically and substantively. After liberalization since the 1990s, the economy has become the central scene, which has not only helped to bring together the material capacities we so desperately need, but has also revived the diplomatic dynamic. The new relations have been established in a multilateral and bilateral form. The explosion in india`s continued G.D.P. growth during this period has been strongly correlated with growth in trade and investment. Emerging India was very interested in building relationships with different actors, including sovereign states, major powers, regional and international organizations, etc.