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GCC
The Indian government proposes to initiate negotiations with the Gulf Cooperation Council to conclude a free trade agreement (FTA), Lok Sabha was informed on Wednesday.
A free trade agreement (FTA) between the EU and the AGCC, the first region to region trade agreement outside Europe, will not be concluded by the end of this year as originally scheduled, according to a high-ranking EU official.
European Commissioner for Justice Franco Fratini expressed on Tuesday regret because the GCC Summit postponed yesterday signing a Free Trade Agreement (FTA) with the EU, calling on Gulf states to advance cooperation with the EU.
The Abu Dhabi Summit, which kicked-off yesterday evening, will come up to the expectations of 40 million Gulf nationals as it is likely to incorporate a road map for greater economic integration of the oil rich region.
The GCC does not need Free Trade Agreements (FTAs), what it needs is Fair Trade agreements, said Mishal Hamed Kanoo, Deputy Chairman, the Kanoo Group, at the 4th GCC Economic Forum.
GCC Secretary General HE Abdulrahman bin Hamad al-Attiyah has said that negotiations are now under way between GCC and China for earlier conclusion of Free Trade Agreement (FTA) and that a legal framework is now being made in preparation for the FTA agreement with Korea.
Secretary-General of the Gulf Cooperation Council (GCC) Abdul Rahman al-Attiya said here on Sunday that he hoped talks between the GCC and China on a free trade agreement will be concluded soon.
The Free Trade Agreement (FTA) negotiations between the Gulf Cooperation Council (GCC) countries and European Union (EU) have started since 1988. However, there have been always obstacles that prevented the achievement of a final agreement.
GCC finance ministers said the six states were considering foreign trade deals with Singapore and Australia to widen existing talks for bilateral accords with some of its member states.
The European Union and GCC are expected to conclude talks on establishing a free trade deal in the near future. The deal, which has been a long time in the making, is likely to be sealed by the end of the current year, according to Abdurrahman Al Attiyah, the GCC Secretary General.
