Commerce Minister Kamal Nath said that India and GCC6 would meet again in Delhi to restart the stalled trade negotiations.
India-GCC6 started FTA negotiations in March 2006. The negotiations were stalled on differences among the GCC members as well as on Rules of Origin with India.
India is hesitant to open its chemical and petro-chemical sector. It fears that low feedstock prices to GCC industry would give them unfair competitive advantage and could be detrimental to future of Indian chemical and petro-chemical industry.
UAE, a GCC6 member, is perusing hard closer economic ties with India. It has signed Double Tax Avoidance Agreement (DTAA) with India in March 2007
GCC6 comprises of six gulf countries including Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Oman and Qatar.
