Developed countries who practice protectionism should not have high expectations from developing countries to open up their markets in sensitive sectors like agriculture, Union Commerce and Industry Minister Arun Jaitley said on Tuesday.

Addressing the media after inaugurating the first India-Gulf Cooperation Council Industrial Conference in Mumbai, the minister said: "If they (the US) try to close sector like business process outsourcing and ask us to open some sector then it was not in keeping with international trade fundamentals that the people would buy goods and services where they are cheap."

Earlier in his address, the minister said India is looking at higher level of trade agreement, including free trade area pact with GCC, to boost trade and investment.

"In the energy sector, we see great investment potential for GCC countries and our economies are in position to supplement requirements of each other in IT, education, pharmaceuticals and tourism, he said.

Seeking large investments from GCC countries into India, Jaitley said "we have developed investor-friendly and simplified procedures which would enable to achieve a win-win situation for the region."

The foreign investments in India are secure and give far more returns than those in other parts of the world, he added.

Jaitley said the infrastructure and industrial sectors were ideal for bringing GCC investments.

India has also drastically reduced the import tariffs for range of products to enhance competitiveness, he said.

Talking about the changes that are taking place in India, the minister said: "We have unleashed potential and there was a meaningful consensus on the map adopted for growth."