Sharma calls for Kuwaiti support for FTA with Gulf Council

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SME Times News Bureau | 09 Nov, 2013
India Friday sought Kuwait's support for early conclusion of a free trade agreement (FTA) with the six-nation Gulf Cooperation Council (GCC).

"We are currently negotiating FTA with GCC. I would urge you (Kuwait) to support for the early conclusion of the FTA," Commerce and Industry Minister, Anand Sharma urged the visiting Kuwaiti Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, at an interactive meeting organised by the industry chambers in New Delhi.

Sharma urged the visiting Kuwaiti Prime Minister to lend his weight for the early conclusion of a Free Trade Agreement currently under negotiation with the Gulf Cooperation Council (GCC).

The interactive meeting was organised jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Confederation of Indian Industry (CII) and the Associated Chambers of Commerce and Industry (ASSOCHAM).

India has been negotiating a free trade agreement with six-nation GCC grouping since 2004. The two sides had signed a framework agreement on economic cooperation in August 2004, and have held several round of talks for the free trade agreement.

Other members of the GCC include Saudi Arabia, United Arab Emirates, Qatar, Oman and Bahrain.

Addressing the event, Al-Sabah called for strengthening bilateral economic ties between India and Kuwait.

"The stage is now set for building strong bilateral and business relations. India is a grand country with an open market for investment," he said.

Al-Sabah, who is on an official visit to India accompanied by a high-level delegation, asked Kuwaiti business people to forge partnerships with their Indian counterparts, in order to expand their operations in the region.