The panel — known as "CII Gulf Committee" — will operate a major entity to promote Indian trade in the Gulf, said K. K. M. Kutty, leader of a CII business mission, which is currently visiting Saudi Arabia

This special committee will focus on the Kingdom and Gulf states in a bid to consolidate, deepen and diversify India's commercial and economic relations, added Kutty.

"The first meeting of the CII Gulf Committee will be held on Dec. 27 in the south Indian city of Chennai to map out the future strategy on how to further boost Saudi-Indo commercial relations on the one hand and Indo-Gulf ties on the other," he told a news conference here.

Haridas Pantheeradi, CII's deputy director for the Gulf and Middle East; and P. M. Krishnan, CII executive officer also addressed the press briefing.

This 13-member Indian business delegation has already visited Riyadh and Jeddah, where they met with several key Saudi officials and businessmen.

Kutty, who also heads a business empire called South West Group in India, thanked Saudi officials as well as officials of the Indian Embassy and consulate for facilitating the trip.

Referring to the meeting of the CII Gulf Committee, Kutty said: "It was a major step on the part of CII, which is planning to send more business missions to the Gulf in near future."

He did not rule out the possibility of setting up a CII's overseas office possibility in Riyadh in days to come.

The CII, which seeks to exchange business information with Saudi and Gulf commercial institutions, has also started publishing a Gulf and MENA newsletter.

This newsletter mainly covers information on the Gulf region pertaining to policy issues, visits to

and from India to this region, major conferences being organized in the region, bilateral cooperation opportunities, tender information and also information about the forthcomings visits of CII to the region.

Asked about the new developments between India and GCC as a major economic bloc, Kutty said the talks for a free trade agreement (FTA) between India and Gulf states are on right the track.

Pantheeradi said the proposed free trade deal, once finalized, would largely boost trade and commercial relations. "Both sides need to work together as a team," he added.