Monday, March 27 2006 10:21 Hrs (IST) - World Time -

Dubai: Entering a new era of partnership, India and the six Gulf Cooperation Council (GCC) countries have decided to accelerate finalisation of the Free Trade Area agreement and enforce the framework agreement for economic cooperation, which includes joint ventures in the sectors of energy, communications and petrochemicals.

Both sides have agreed to enforce the GCC-India Framework Agreement for Economic Co-operation, and expedite the finalisation of the free trade area agreement, which includes other economical sectors, Mohsin bin Khamis al Balushi, Advisor at the Ministry of Commerce and Industry, Oman, said.

"The FTA is expected to be ready by 2007,"he said.

The bilateral relationship between the GCC and India has entered into a new era of partnership this year, a declarationissued after the conclusion of the two-day India-GCC Business Summit in Omani capital, Muscat, said.

Minister of Commerce and Industry Kamal Nath and commerce minister from the six GCC countries, Saudi Arabia, the UAE, Oman, Qatar, Bahrain and Kuwait attended the summit.

Among the recommendations include activating the partnership between the two sides by establishing joint ventures and private investment firms in areas such as industry, energy, petrochemicals, information, communication and telecommunication, biotechnology, health and pharmaceuticals and tourism.

It also calls for identifying industries where strategic partnership can be promoted; working towards eliminating all barriers that hinder flow of investments and trade between the two sides.

The declaration also recommends that both sides could enhance expertise in areas like research and development and higher education and establish joint centres for science and technology.

India would host the third GCC-India business meet in March next year.