'We are negotiating with the Gulf Cooperation Council to conclude an India-GCC free trade agreement. This will complement our ongoing and rapidly expanding bilateral economic engagement with individual member countries of the GCC,' he said.

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates form the GCC.

Apart from trade and economy, India and the Arab world are cooperating in various other sectors too.

'India has already shown its willingness to share with its Arab brethren our experience and expertise in institutional capacity building, governance, science and technology, healthcare and higher education, including the training of Arab officials, diplomats and soldiers,' Tharoor said.

Addressing the gathering, Chief Representative of League of Arab Nations Mission in New Delhi Ahmed S. Al-Wahisi said India was a growing world power with which the Arab world had common strategic interests.

'Our growing partnership with India is not only based on historic ties and values, but also now based on increasing convergence of strategic interests in Asia and beyond,' he said.

Speaking on the occasion, Ambassador of Morocco in India and Dean of the Arab Diplomatic Corps Larbi Moukhariq said trade between India and the Arab world, which stood at $7 billion in 2001, grew to $20 billion by 2005-06 and to $100 billion in 2009.

Assocham vice-president Dilip Modi said the industry forum was laying special emphasis on India-Arab trade ties.

Among others present were ambassadors and diplomats of various Arab countries in India.