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Indian Business Leaders Forum to press for free trade pact

Khaleej Times, Dubai

Indian Business Leaders Forum to press for free trade pact

17 June 2011

DUBAI — Indian Business Leaders Forum, or IBLF, said it will make an all-out effort to see that a Free Trade Agreement between the UAE and India becomes a reality in the coming months.

The FTA between India and the UAE and also with the GCC should be signed without further loss of time and IBLF would soon prepare a delegation of business leaders from UAE to meet with the Indian Commerce Minister and various other officials in the Ministry, Sudesh K Aggarwal, President of IBLF said at the Round Table. Aggarwal said the IBLF would work hand-in-hand with the Indian missions in the UAE so that the FTA becomes
 a reality soon.

The FTA is expected to remove restrictive duties, push down tariff on goods and services and pave way for free flow of investments and goods and ultimately engage the nations on an intensive economic engagement.

The forum also pledged its support to the “localisation” and said it would work hand-in-hand with the various Governments in the UAE and the region to help in all possible ways to create more employment, Aggarwal said.

He said IBLF would facilitate investments by “any investors” from the UAE and the region into India and help them make appropriate contacts. The Business Leaders also deliberated on creating an India Investment Desk and an Investment Consortium – a business model whereby emerging opportunities will be identified and investments will be made on a collective basis, Aggarwal said.

The forum also discussed the proposed Direct Tax Code to be implemented by the Government of India and its effect on NRI Status. The Indian Business Leaders Forum has decided to call on Pranab Mukherjee, Finance Minister of India and Yashwant Sinha, Chairman, Parliament Standing Committee on Finance and former Finance Minister of India and submit a Memorandum.