यूके, ओमान व्यापार समझौते नई सरकार के लिए वाणिज्य मंत्रालय के 100-दिवसीय एजेंडे में शामिल हो सकते हैं: अधिकारी

यूके, ओमान व्यापार समझौते नई सरकार के लिए वाणिज्य मंत्रालय के 100-दिवसीय एजेंडे में शामिल हो सकते हैं: अधिकारी

UK, Oman trade agreements may figure in Commerce ministry's 100-day agenda for new Govt: official

Commerce Ministry's 100-day agenda for new government may include UK and Oman trade agreements, suggests official.

  • Global News
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  • 25, Mar, 2024
Jivika Chawla
Jivika Chawla
  • @JivikaChawla

UK, Oman trade agreements may figure in Commerce Ministry's 100-day agenda for new Govt: official

The Commerce Ministry will prioritize addressing the concerns of the exporting community to bolster outbound shipments. Additionally, talks between India and Australia are progressing to expand existing economic cooperation and trade agreements into a comprehensive economic cooperation agreement. Prime Minister Narendra Modi emphasized this agenda during a Cabinet meeting on March 17, urging ministers to collaborate with secretaries and officials to ensure effective implementation within the first 100 days and the subsequent five years.

The imminent seven-phase Lok Sabha elections, commencing on April 19 and concluding with vote counting on June 4, add urgency to these efforts.

Regarding trade negotiations, an official revealed that India's free trade agreements (FTAs) with the UK and Oman are reaching their concluding stages. Notably, discussions on several contentious matters in the India-UK FTA are nearing resolution, demonstrating active engagement from both sides for a fair deal.

India and the UK initiated FTA talks in January 2022, covering 26 chapters encompassing goods, services, investments, and intellectual property rights. Notably, negotiations have progressed substantially, with textual discussions approaching completion and advanced negotiations on goods and services.

Bilateral trade between India and the UK surged to USD 20.36 billion in 2022-23 from USD 17.5 billion the previous year. Despite projections from think tank GTRI suggesting limited gains for India due to existing low or zero tariffs on many goods entering the UK, significant opportunities exist in reducing duties for exports worth USD 5 billion. These gains encompass various sectors including textiles, apparel, footwear, automotive, marine products, and fruits like grapes and mangoes.

Overall, these developments underscore India's commitment to enhancing trade relations, with concerted efforts to navigate complex negotiations and capitalize on emerging opportunities for economic growth and prosperity.

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Jivika Chawla

Jivika Chawla

  • @JivikaChawla