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Pacts with Gulf countries
Special Correspondent
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4 bilateral investment protection agreements in offing
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NEW DELHI:
India is negotiating a free trade agreement (FTA) with the Gulf Cooperation Council while entering into investment promotion agreements with four West Asian and African countries in a bid to increase economic and trade ties with this region. Disclosing this here on Monday, Finance Minister P. Chidambaram said there was tremendous potential for economic interaction between India and the Arab world but it had not been properly tapped so far.
Delivering the inaugural address at a conference organised by the Indo-Arab Economic Cooperation Forum and the Institute of Objective Studies here, he said India was in the process of negotiating an FTA with the GCC for which the first round of talks was held in March. He said the FTA had been proposed to synergise trade in services, investment cooperation and general economic cooperation. The GCC is at present India's third largest trading partner.
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