Britain And India’s proposed free trade agreement (FTA) with Oman may figure in the framework of the commerce ministry’s 100-day agenda in the new government. An officer has given this information. The ministry will also focus on issues related to the exporting community to increase exports from the country. Negotiations between India and Australia to expand the scope of the existing Economic Cooperation and Trade Agreement (ECTA) to a Comprehensive Economic Cooperation Agreement (CECA) are also progressing at a good pace. This exercise is important because on March 17, Prime Minister Narendra Modi, while presiding over the Union Cabinet meeting, had asked the ministers to meet the secretaries and other officials of their respective ministries to discuss the first 100 days and the next. How can the five year agenda be implemented in a better way?
Lok Sabha elections are starting from 19th April
Seven-phase Lok Sabha elections in the country are starting from April 19. Counting of votes will take place on June 4. The official said that negotiations for these two FTAs are in the final stage and negotiations on most of the issues have been completed. “Most of the outstanding issues in the India-UK FTA negotiations are moving towards resolution and both sides are actively engaged towards a fair and equitable agreement,” the official said. India and the UK have agreed to an FTA in January 2022. Started conversation. The agreement has 26 chapters. This includes goods, services, investments and intellectual property rights. The 14th round of talks took place in January.
FTA with Oman will be completed soon
Bilateral trade between India and Britain has increased from US$ 17.5 billion in 2021-22 to US$ 20.36 billion in 2022-23. According to a report by research institute GTRI (Global Trade Research Initiative), the overall benefit for India in the trade agreement with Britain will be limited. Because most of the products from here are already being sent there at low or zero duty (import or customs). On the free trade agreement with Oman, the official said it will be completed soon. Bilateral trade between India and Oman is expected to be $12.39 billion in 2022-23. It was $10 billion in 2021-22.
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