President of Iran meets Omani, Iranian businessmen
A statement issued online by Oman News Agency (ONA) said :"His Excellency the President of the Islamic Republic of Iran met today with a number of Omani businessmen and women and their Iranian counterparts to discuss mechanisms for strengthening trade and investment relations between the Sultanate of Oman and the Islamic Republic of Iran, at Al Alam Palace in Muscat, as part of the official visit His Excellency is currently making to the country."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
17 hours ago
- Times of Oman
India may face annual export loss of $5-6.75 billion because of 25% tariffs imposed by US: Report
New Delhi: India may face an annual export loss of $5 to $6.75 billion if demand declines by 20 to 30 per cent because of 15 per cent tariff imposed by US, said a report by Ventura Securities. Given the country's FY25 GDP of around USD 3.3 trillion (Rs 287 lakh crore), this shortfall could reduce GDP growth by approximately 0.15 to 0.2 per cent, the report added. It further said that India's industry is expected to face short- to medium-term challenges due to US tariffs, however, during this period, the sector is likely to step up efforts to diversify its markets, with aim to maintain growth momentum. US President Donald Trump has imposed 25 per cent tariff on goods from India and an additional penalty if India imports crude from Russia. However, Ventura report highlighted that even with a 25 per cent US tariff, India is still competitive. "While export volumes are bound to be impacted, India can cushion much of the impact by leveraging the recently concluded FTAs with Australia, UAE, EFTA, ASEAN, and SAARC countries," the report added. While the sanctions are effective from today, higher tariffs will be imposed from August 7 onwards till a bilateral trade agreement is signed with the U.S. India continues to engage with the American counterparts to iron out the trade deal. "Negotiations are expected to resume mid-August and the deal is likely to be clinched by October. In this case, the pain would be relatively short-term with an improved trade trajectory," the report added. Over the past few months, India and the US have been negotiating for an interim trade deal, but there were some reservations from the Indian side on the US demand for opening up the agricultural and dairy sectors for the US. Agriculture and dairy are critical for India as these two sectors provide livelihood opportunities to a large section of its people. India reportedly faces US demands, including allowing remanufactured goods, opening up agriculture and dairy, accepting genetically modified (GM) feed, and adopting US rules on digital trade and product standards. Experts have stated that the decision will have a varied impact on different sectors.
Times of Oman
17 hours ago
- Times of Oman
India's GDP will go below 6.2% in FY26, if 25% US tariff continues post September: S&P Report
New Delhi: India's not giving market access to the United States in the agriculture and Dairy products sectors is likely to be the reason for not reaching on a trade agreement, noted S&P Market Intelligence report released on Friday. The report further says, if 25 per cent tariff imposed by U.S. will remain in place beyond September 2025, India's GDP will be adjusted downwards. S&P Market Intelligence has projected India's GDP for FY 2025-26 at 6.2 per cent in July, down from a GDP growth of 6.5 per cent in FY 2024-25. "This projection is likely to be adjusted downward if the 25 per cent tariff is implemented. Its application would leave India relatively disadvantaged versus regional competitors that have secured a lower tariff rate." The report noted that India is never going to offer market access for the U.S. in the agriculture and dairy products sectors as it will directly impact the farmers who represent a crucial electoral group in the country. "The Indian government would be highly reluctant to offer market access for the US in the agriculture and dairy products sectors, making it difficult for India to reduce its tariffs on US exports of soy, corn, wheat and rice as farmers represent a crucial electoral group in the country." noted S&P. Other contentious areas include exposure to section 232 which includes 'national security'. Tariffs on exports of electronics and pharmaceuticals to U.S, which accounted for 12.3 per cent and 17.8 per cent of India's export to U.S. (as per export data of 2024). U.S. has given exemption or reduced rates on both of these sectors for EU deal, it will put Indian manufacturers at a competitive disadvantage unless a similar deal is negotiated with U.S. The report further adds that import of Russian oil and defence equipment with Russia may be another issue delaying the trade agreement. "While India would be willing to increase imports of US crude oil, the government would be unwilling to pursue this policy change specifically due to US demands. India would be instead keener to import LNG from the US, given its growing domestic demand and expanded US supply capacity, to balance India-US trade (with a US$45.7 billion surplus recorded for India in 2024)." stated S&P.
Times of Oman
18 hours ago
- Times of Oman
Taken note of US sanctions, looking into it: India's MEA
New Delhi: The Ministry of External Affairs (MEA) on Friday responded to the US announcement of sanctions on Indian companies involved in trading with Iran. MEA spokesperson Randhir Jaiswal during weekly media briefing stated that India has taken note of the sanctions and is currently reviewing the situation. Jaiswal stated, "We have taken note of the sanctions, we are looking into it." The US has imposed sanctions on 20 entities involved in Iranian petroleum, petroleum products, or petrochemical trade, and is identifying 10 vessels as blocked property, including seven India-based companies. Jaiswal emphasised that India's energy sourcing decisions are based on market conditions and geopolitical developments. When asked about Trump's comment on India potentially buying oil from Pakistan, Jaiswal declined to comment, stating, "I have no comments to offer in this matter." This response comes after Trump announced a deal between the US and Pakistan to develop Pakistan's oil reserves. "We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves," Trump posted on Truth Social. "We are in the process of choosing the oil company that will lead this partnership. Who knows, maybe they'll be selling oil to India some day!," Trump said. MEA spokesperson Randhir Jaiswal clarified that India doesn't have any specific information on Indian oil companies stopping Russian oil purchases, emphasising that energy sourcing decisions are based on market availability and global circumstances. "You are aware of our broad approach to energy sourcing requirements, that we look at what is available in the market and the prevailing global situation or circumstances. We are not aware of any specifics," said Jaiswal. Jaiswal highlighted that India's relationship with Russia stands on its own merit, unaffected by third-party perspectives, emphasising a steady and time-tested partnership. "Our ties with any country, or all the ties that we have with various countries, stand on their own merit and should not be seen through the prism of a third country. As far as India-Russia relations are concerned, we have a steady and time-tested partnership," said Jaiswal. Jaiswal reaffirmed the strong India-US partnership, anchored in shared interests, democratic values, and people-to-people ties, expressing confidence in the relationship's continued growth. "India and the United States share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties. This partnership has withstood several transitions and challenges. We remain focused on the substantive agenda that the two countries have committed to and are confident that the relationship will continue to move forward," said Jaiswal. Recently, Trump has signed a fresh executive order imposing revised tariffs for 70 countries, including India and Pakistan, in a move that is expected to strain global trade relations further. Tariffs imposed on India's neighbouring countries are less than India's 25 per cent, except for Myanmar at 40 per cent. The new tariff for Pakistan is 19 per cent, Afghanistan 15 per cent , Bangladesh 20 per cent, Indonesia 19 per cent, Japan 15 per cent, and Sri Lanka 20 per cent. The new tariffs, outlined in a sweeping order signed on Friday (IST), will come into effect from 12:01 a.m. Eastern Daylight Time on August 7. The executive order states that the revised tariffs are aimed at addressing the national emergency declared earlier under Executive Order 14257. Trump noted that he had "recently received, among other things", new information and had determined it "necessary and appropriate" to impose additional ad valorem duties on the goods of certain trading partners. These new duties will replace those previously imposed under the same order, as amended. Other countries on which the US imposed tariffs are higher than India include Iraq (35 per cent), Laos (40 per cent), Libya (30 per cent), Serbia (35 per cent), South Africa (30 per cent), Switzerland (39 per cent), and Syria (41 per cent). Countries that imposed lower tariffs than India include the UK (10 per cent), Vietnam (20 per cent), Taiwan (20 per cent ), and South Korea (15 per cent), to name a few. The order by Trump stated, "I have determined that it is necessary and appropriate to deal with the national emergency declared in Executive Order 14257 by imposing additional ad valorem duties on goods of certain trading partners". The executive order further directs that these changes will apply to goods entering the US for consumption or withdrawn from warehouses on or after the effective date. However, goods already in transit before the deadline, loaded on vessels and en route before August 7 and entering the US before October 5, 2025, will not be subjected to the revised duties but will instead continue under the previously applicable tariff rates under the amended Executive Order 14257.
