Oman trade deal a priority for India: Reports

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Indian Prime Minister Narendra Modi is likely to prioritise completion of free trade deals with Oman and the UK in the first 100 days of the next government if he wins upcoming elections as opinion polls predict, two government sources told Reuters.

Modi has asked Indian ministries to set annual goals for the next five years that will fit into a 100-day action plan as he chalks out a strategy to fuel further growth in Asia’s third-largest economy.

Oman trade deal in the first 100 days of new Indian government?

Among its goals for the 100-day plan, the trade ministry aims to feature the pacts with Oman and UK, as talks on both deals are in their final stages, said the sources, who have direct knowledge of the discussions.

They sought anonymity as details of the plan are private.

This month Modi identified integrating India into world trade as a key priority area in talks with senior government officials, according to a document seen by Reuters.

The trade ministers of India and Oman met in December 2023 and said they had asked their negotiators to wrap up talks on a comprehensive pact so as to hasten signing of a deal.

Reuters could not immediately contact an Oman official.

Trade between the countries has more than doubled in two years to $12.39bn in the last fiscal year.

Some of the objectives will be discussed on May 1, when India will be in the middle of its seven-phase election, set to start on April 19 with vote-counting due on June 4, at which Modi will be seeking a rare third term.

The trade ministry and Modi’s office, which will make a final decision on the priorities, did not respond to a request for comment.

UK trade deal with India

A spokesperson for UK’s department for business and trade said the two countries were “continuing to work towards an ambitious trade deal”.

The spokesperson added, “Whilst we don’t comment on the details of live negotiations, we are clear that we will only sign a deal that is fair, balanced and ultimately in the best interests of the British people and the economy.”

Ahead of India’s elections, both nations this month put on hold their two-year long negotiations without a deal, while reaffirming their commitment to a new pact aimed at doubling their trade by 2030.

The UK also holds elections this year.