Updated March 24th, 2024 at 11:35 IST

India eyes UK, Oman trade agreements in new government's 100-day agenda

At the forefront of the commerce ministry's agenda is a concerted effort aimed at amplifying India's outbound shipments.

Reported by: Business Desk
Indian economy | Image:Unsplash
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Commerce ministry 100-day agenda: As India prepares for a new government, the Ministry of Commerce is charting an ambitious 100-day agenda that includes advancing free trade agreements (FTAs) with the United Kingdom and Oman, news agency PTI reported, quoting an official. These agreements are poised to play a pivotal role in shaping India's economic landscape and bolstering its global trade relations.

Promoting exports

At the forefront of the commerce ministry's agenda is a concerted effort to address issues pertinent to the exporting community, aimed at amplifying India's outbound shipments and fostering a conducive environment for trade expansion.

India-Australia talks

In addition to the UK and Oman agreements, India is actively engaged in discussions with Australia to broaden the scope of existing economic cooperation and advance towards a comprehensive economic cooperation agreement. These negotiations signify India's commitment to deepening economic ties with key global partners.

Implementation strategy

Prime Minister Narendra Modi's directive to government ministers to formulate actionable plans for the first 100 days and beyond underscores the urgency of effective implementation. This directive underscores the government's resolve to deliver tangible outcomes and drive meaningful progress in key policy areas.

Timing and implications

Against the backdrop of the upcoming Lok Sabha polls, scheduled to commence on April 19, and culminating in the vote count on June 4, the government's agenda assumes heightened significance. The outcomes of these elections will invariably shape the trajectory of India's economic policies and trade agenda.

India-UK agreement

The India-UK FTA negotiations, initiated in January 2022, are nearing conclusion, with significant progress achieved across various chapters. Notably, both sides are actively engaged in resolving contentious issues to facilitate a fair and equitable agreement that encompasses goods, services, investments, and intellectual property rights.

While the bilateral trade between India and the UK witnessed an upward trajectory, reports suggest that the overall gains from the trade deal may be limited. However, reductions in tariffs for Indian exports, particularly in sectors such as textiles, apparel, and automotive, present opportunities for growth and market access.

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Bilateral trade expansion with Oman

Concurrently, negotiations for a free trade agreement with Oman are nearing completion, underscoring India's commitment to strengthening ties with the Gulf Cooperation Council countries. The envisaged agreement is poised to unlock new avenues for bilateral trade and foster mutually beneficial economic cooperation.

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(With PTI inputs.)

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Published March 24th, 2024 at 11:35 IST