India GCC Trade Agreement Boosts India-Gulf Ties
India is nearing completion on a long awaited Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC). It is promoting its economic connections with the Middle East. The outcome comes after New Delhi decided to treat the investment talks with the Kingdom of Saudi Arabia outside of those with the rest of the GCC. This has facilitated movement toward conclusion of the India-GCC Agreement, a significant recent headline in the world of commerce.
India and the GCC are making progress with the Terms of Reference for the Trade Agreement. They are expected to be executed no later than February 5. The GCC is made up of six members, the Kingdom of Bahrain, the State of Kuwait, Sultanate of Oman, State of Qatar, Kingdom of Saudi Arabia and United Arab Emirates. It will play an important role in India’s trade and investment profile.
Negotiations between India and the GCC on this Trade Agreement have been ongoing for approximately 20 years. Past negotiations between these two parties occurred in 2006 and 2008 without successful conclusion. But with this renewed energy has resulted in a noticeable shift between parties to eliminate long standing impediments.
Significance of Conducting Separate Investment Discussions with Saudi Arabia
According to sources within the government, India and Saudi Arabia have decided to pursue separate negotiations on the Bilateral Investment Treaty (BIT). This is in contrast to conducting those separately from the overall Trade Agreement.
The previous joint effort of both sides to connect the Bilateral Investment Treaty with a Bilateral Trade Agreement led to stalled negotiations due to unresolved differences.
By separating these two tracks, negotiators have allowed for the progression of an eventual GCC trade agreement. As negotiations can progress without interference from disputes associated to investment – a solution viewed as a practical approach to recent developments in the business area.
Investment Discussion Related Issues
The primary difference between India and Saudi Arabia is the area of investment protection. India raised many issues involving such things as. Most Favoured Nation (MFN) commitments and international investor/State dispute resolution provisions commonly found in International Investment Agreements.
An Investment Agreement (BIT) between Saudi Arabia and India is viewed as a net benefit for India. However, India is seeking agreements that align with its existing investment policy. In contrast, Saudi Arabia is seeking a trade agreement that provides investors more flexibility. Also,sSeparating these two negotiations has resulted in both sides being able to protect their interests and proceed with trade.
GCC Agreement Tariff Coverage
After the India-GCC trade agreement is finalized, the total tariff will greatly expand. As India has concluded trade agreements with the UAE and Oman, through these agreements approximately 90% of tariffs shared amongst GCC will be covered through these agreements.
It is estimated that about 4–5 percent of products will be exempt from the framework. This will mostly affect Qatar and Bahrain, as India has no specific trade agreements with these two countries currently. However, bilateral agreement talks are taking place with both of these nations.
Increasing the Trade Relationship with the Gulf
Also, bilateral trade between India and the Gulf Cooperation Council has grown dramatically in recent years and is valued at approximately $162–178 billion. India’s largest trading partners in the region remain the United Arab Emirates and Saudi Arabia.
India supplies a wide range of products to the Gulf nations, including food, textiles, jewelry, pharmaceuticals, and engineering products; therefore, crude oil, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) account for a large portion of India’s imports from this region.
As these discussions near completion, the proposed India-GCC trade agreement is expected to strengthen economic ties, increase exports, and solidify India’s strategic position within the Gulf countries, reflecting an important milestone in latest news on business.
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