CII PARTNERSHIP SUMMIT
An Indo-Gulf council will soon be set up to identify new areas of economic co-operation between India and the Gulf Co-operation Council (GCC) countries.
This was announced here today at the ongoing CII Partnership Summit by the minister of commerce and industry of the Sultanate of Oman, Maqbool bin Ali bin Sultan, while speaking at the session on "Challenges and Emerging Opportunities: India and the GCC Countries".
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He suggested the formation of a Gulf-India free trade area to facilitate trade between the two regions.
Several free trade zones were already operating successfully within the Persian Gulf area and by 2007, it was proposed to be Greater Arab free trade area, he added.
Maqbool Ali Sultan said from January 1, the six GCC countries, namely Kuwait, Bahrein, Qatar, Oman, Saudi Arabia and the UAE, had come under the "cluster Union" concept under which businessmen from India or any other country could deal with any one of the GCC countries and the same would be applicable to the entire region. Customs clearance for the goods exported could also be obtained in any one of the GCC countries and no further clearance would be required as the goods move into another country within the Union, he added.
Issue of a single visa for the six GCC countries is also under discussion. At present, single-visa facility is available for the UAE and Oman, and Oman and Qatar.
However, citizens belonging to any of the GCC countries can now travel within the Union with an identity card and without a passport. Labourers from one country can work in any other country within the Union.
Maqbool Ali Sultan said India, with its vast technological backup, could participate in the $1 billion petrochemicals projects under way in the GCC countries, while the latter could help India in its privatisation process.
Fertiliser was another area where there could be greater co-operation between the two countries, he added.
While the GCC countries could participate in infrastructure projects like power and ports development in India, these countries could benefit from India's global leadership in the infotech sector, he said.
K Venkataramanan, president (operations), Larsen and Toubro, suggested that the GCC countries utilise India's manpower, knowledge base and technology to avoid high-cost imports from the western countries.