Oman urges India to take initiative in signing FTA with GCC nations
Mumbai, May 29 (UNI) Expressing his country's keenness to invest in areas like Research and Development, Education, Telecommunication, and Infrastructure, Oman Minister of Commerce and Industry Maqbool Ali Sultan today urged India to take necessary initiatives to sign the Free Trade Agreement (FTA) with Gulf Cooperation Council (GCC) countries.
Talking to reporters on the sidelines of the third Indo-GCC forum here, the Minister hoped the FTA between India and GCC will be in place by 2008.
Mr Sultan admitted the process for the FTA has been slowed down since last June and attributed the same to the lack of efforts by both the sides.
According to him, the bilateral trade climate is favourable for both India and GCC countries and a co-ordinated efforts from both sidesis needed.
Oman has already taken an initiative towards forging a strategic tie up with two major Indian groups -- Tata and Birla, the Minister said adding that his country is seeking a power company for investment opportunities in India.
Mr Sultan informed that Oman had signed FTA with United States and European countries and it is up India to hasten the process.
UNI