Speaking at a Gulf Cooperation Council (GCC) petrochemicals conference at the weekend, State Minister for Financial and Industrial Affairs in the United Arab Emirates, Mohammed Khalfan bin Kharbash revealed that the GCC plans to sign FTAs with India, the EU, and China in 2008.

Meanwhile, according to an Economic Times report, Indian Commerce Secretary, G.K. Pillai announced this week that the government expects to conclude FTA talks with the Association of South East Asian Nations (ASEAN) by March of this year, with the agreement set to come into force at the beginning of next year.

"We hope by March we will conclude ASEAN negotiations. You will get tariff down on 73% of (tradeable) items. It will come into effect by January 2009," he was quoted as explaining.

There had been several disputed areas in the talks between the Indian authorities and ASEAN, primarily involving tariffs on agricultural products such as palm oil, pepper, tea, and coffee.

However, it emerged late last year that these issues, plus an additional dispute with Brunei over petrol exports, had been effectively resolved, with ASEAN members moving closer towards agreeing reduced tariffs for ASEAN members on the aforementioned products.

It has additionally emerged that two US lawmakers have introduced a bipartisan resolution in the House of Representatives proposing the commencement of free trade talks between the United States and India.

In a statement published last week, ranking Rules Committee member, David Dreier ( R-San Dimas, CA) commented, of the resolution that he has introduced with Congressman Joe Crowley (D-NY), that:

"Having recently visited India, I believe India’s economic progress is a model for its neighbors, and is something we should help continue."

"In an increasingly inter-connected world, our relationship with India is especially critical. From a national security perspective, we should do all we can to engage with allies like India. From an economic perspective, India represents a huge economic opportunity for American farmers, workers and businesses, particularly in California. From a humanitarian perspective, increasing trade with India could help lift millions of people out of poverty. Increased trade with India would be a win-win-win."

Crowley added: "Maintaining a strong US-India relationship is strategically, politically, and economically important to both of our nations. That is why I believe we should begin negotiating ways to further strengthen our countries economic ties."

"Through the exchange of products and ideas, we will help one of our closest democratic allies continue to grow. We will also help the US service industry expand its reach throughout the world."