DUBAI: After the UAE, government is looking at trade pacts with individual countries in West Asia, instead of the earlier plan for an agreement with the Gulf Cooperation Council, commerce & industry minister Piyush Goyal said Friday.“The agreement with the UAE has been the most successful trade agreement so far. The one with Oman will be signed soon and the terms of reference with Qatar are being discussed,” he said. While India and GCC were pursuing a trade agreement, India went ahead and signed the treaty with UAE as the one with the bloc was taking time, possibly due to Saudi Arabia’s reluctance. Goyal said that the proposal for an FTA with GCC is not on the table at the moment.
In recent months, govt has been pursuing an aggressive agenda on trade agreements, engaging with several countries, ranging from the UK and EU to Peru. Sources said the agreement with Oman is undergoing vetting and translation before being sent for clearances. Companies in UAE have shown significant interest in partnering with Indian players to export to third countries in Africa and central Asia, industry executives said. Goyal added that there has been discussion around more FDI in banking, infrastructure, data centres and technology, logistics and renewable energy.Besides, he suggested that India-UAE initiative for joint investment in third countries is expected to come as a boon for Indian workers as govt is positioning manpower as a key asset, while willing to help Indian private companies source contracts and offer credit lines. On its part, entities from the UAE are expected to chip in with capital for projects in markets, such as Africa and even in regions where there is shortage of housing and infrastructure. Mining and manufacturing are the other pillars of the proposed plan.“UAE is investing in high-tech areas and may look at collaborations in technology sectors. It is a hub to attract investments and India would like to leverage this hub,” Goyal said.
