MANAMA: The Gulf Cooperation Council and India free trade agreement (FTA), if implemented by 2010, will see trade of $40 billion, a senior official at the Economic Development Board (EDB) has said.
According to the Associated Chamber of Commerce and Industry of India (ASSOCHAM), India’s total trade with GCC countries saw a four-fold increase in the last five years.
“India and Bahrain have agreed to speed up negotiations to finalize an Indo-GCC Free Trade Agreement (FTA) that would see trade between India and the GCC exceed $40 billion by 2010,” said Said Kamal Ahmed, chief operating officer of the EDB.
“The GCC, China and India are seen as the three new economic powerhouses. All have demonstrated a track record of growth and strong macroeconomic credentials to make them relatively resilient in the global economic downturn.
Together, they now have real opportunities for investment and bilateral trade,” he added.
