The Gulf Cooperation Council (GCC) consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates proposed to have a Framework Agreement between India and the GCC expressing mutual intentions of undertaking deeper integration at a future stage. This was accepted and accordingly, a Framework Agreement has been signed on 25 th August, 2004. The Agreement, prescribes mutual intention of cooperation in promoting economic ties between the two sides. The highlights of the Agreement are as under :-

• Both sides will promote economic cooperation in various fields including exchange of information and necessary technical expertise in this fields
• Explore the feasibility of entering into an FTA
• Provide conducive climate for promoting trade through exchange of information
• Appropriate arrangements for setting up joint investment projects, facilitating corporate investments
• Encourage exchange of visits of technical, commercial and economic delegations and promoting exhibitions in both sides
• A Joint Committee on Economic Cooperation to be set up to recommend for enhanced economic cooperation, handle disputes

The Ministry of External Affairs and the Ministry of Finance were consulted before signing this Framework Agreement. To proceed further in this regard, this Department has commissioned three studies in the areas of goods, services and investment.