The Arab Gulf Cooperation Council (GCC) will next week sign framework economic cooperation agreements with India and Pakistan. The deals will pave the way for "launching negotiations to establish two free trade areas between the GCC and the two friendly countries," GCC Secretary-General Abdulrahman Al-Attiyah said in a statement issued at the regional bloc's headquarters here. Attiyah will visit India and Pakistan between Aug. 24 and 27 to "participate in signing the two agreements," the statement added. The Jeddah-based Arab News today quoted A.C. Patankar, principal adviser of the Confederation of Indian Industry (CII), as saying that a high-level Saudi-Indian CEO forum will be formed as part of the deal to facilitate joint ventures and exchange of business delegations and to promote cooperation in banking sector. The Confederation of Indian Industry signed an agreement with the GCC last February aimed at boosting trade. Patankar said Riyadh and New Delhi will exert efforts to facilitate introduction and opening of Indian banks besides facilitating cooperation in consultancy, professional education and training. "We also seek to facilitate development of Riyadh as an IT hub," he said. --MORE 1026 Local Time 0726 GMT
