By IANS
Mumbai : Expressing concern over delays in negotiating a free trade pact between India and the Gulf Cooperation Council (GCC), Oman's Commerce and Industry Minister Maqbool bin Ali bin Sultan Tuesday hoped it will now be inked by September.
"We have had two meetings till now. Nothing has materialized so far. I believe that by September 2008, the free trade agreement (FTA) should be signed," said Sultan, who is here for the 3rd India-GCC meeting on trade and investment.
The minister said bottlenecks on both sides were delaying the agreement, adding an India-GCC FTA would be the easiest to reach compared with similar pacts that are proposed with other regional groupings.
"On Indian side (commerce minister) Mr. Kamal Nath tells us that they are busy with various other FTAs and hence the delay," he said and felt India should not worry about the impact of FTA on its local trade.
"And neither should GCC countries. We are not an agricultural country to harm the Indian farmers. At the same time India's trade with us will not affect our petrochemical industry."
Sultan said bilateral ties between India and Oman had always been excellent and would continue to be so, even as the proposed trade pact would give it a further push.
"Oman signed an FTA with the Unites States of America six months ago and there were several factors that had to be considered. In the case of India, things will be a lot simpler," he added.
The minister – who is among an estimated 300 delegates from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE for the two-day meet – India should know that GCC countries plan to invest $250 billion overseas by the year 2010.
"There are many investment opportunities in India," he said, adding: "In order to get the maximum of investments into India, what is required is an aggressive marketing on the part of India's private sector."
Sultan could not specify the amount the GCC was looking to invest in India.
"It all depends on aggressiveness shown by both the sides and also on the FTA. The fact is that GCC is second largest trading partner with India. It can be number one."
In this context he observed that several Indian players were looking at Oman.
"The Tatas and the Birlas are already at different stages of investing in Oman. There are many others who are conducting feasibility studies in the country. Things will get much better once the FTA is in place."