India Nears Completion of FTAs with UK and Oman Amidst Election Pause

The Department of Commerce is formulating a 100-day action plan for the incoming government, which is likely to include finalizing Free Trade Agreements (FTAs) with the UK and Oman, as well as addressing exporters’ issues.

Negotiations for these agreements are in the final stages, but have paused due to the Indian election process. Talks are expected to resume after the new government takes office in May or June.

Prime Minister Narendra Modi has instructed ministers to draft a roadmap for the government’s first 100 days and the next five years. Besides FTAs, the plan will address challenges faced by exporters due to global trade slumps and geopolitical tensions.

Progress on the proposed FTA with the UK shows advanced negotiations on various policy areas related to trade, with remaining issues focused on rules of origin, social security, and trade tariffs. Negotiations for a Bilateral Investment Treaty (BIT) with the UK are also underway.

Additionally, negotiations with Oman for a Comprehensive Economic Partnership Agreement (CEPA) are nearing conclusion. Once signed, these agreements could enhance India’s trade relations within the respective regions.

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