Latest news with #freetradeagreement
Arab News
a day ago
- Business
- Arab News
India nearing free trade deal with Oman, minister says after UK pact
NEW DELHI: India's free trade agreement with Oman is almost finalized, Commerce and Industry Minister Piyush Goyal has announced, only days after New Delhi signed a long-awaited trade pact with the UK. Negotiations between India and Oman on a comprehensive economic partnership agreement formally began in November 2023, with the first round in New Delhi and the second in Muscat. When the talks concluded in March 2024, Oman sought revisions on market access terms and the final signature was postponed. 'We are in negotiations at an advanced stage with Oman — almost finalized,' Goyal told reporters on Saturday evening, two days after he signed a multibillion-dollar free trade deal with the UK. 'The free trade agreement between India and UK, the Comprehensive Economic Trade Agreement, clearly reflects the growing relevance and importance of India at the world stage.' Under the pact, about 99 percent of Indian goods will get duty-free access to the UK market, and bilateral trade is expected to increase by over $34 billion in the next decade from the current $54 billion. India has free trade agreements with more than 10 countries, including comprehensive economic partnership agreements with South Korea, Japan, and the UAE. It is also in talks with the EU to conclude an FTA by the end of 2025, and also with Australia, with an interim deal signed in 2022 and a full one under negotiation. If India finalizes its pact with Oman, it will be its second with a Gulf Cooperation Council country after the 2022 CEPA with the UAE. While Oman is one of New Delhi's smaller GCC trading partners — trailing behind the UAE and Saudi Arabia, with bilateral trade volume accounting for about $10 billion — it remains strategically important, particularly in energy and logistics. The FTA could further deepen these ties, Anil Wadhwa, New Delhi's former envoy to Muscat, told Arab News. 'India and Oman both are set to benefit a lot from this FTA ... Oman and India have a trade volume between $8 billion and $10 billion annually, and 700 Indian companies have invested in Oman,' he said. 'Oman was keen on an FTA on the lines of the UAE. The main negotiations took less than 90 days. Since then, Oman wanted further concessions in petrochemicals and in marble ... It is understood that these negotiations are now nearing a closure.' Economic cooperation plays a crucial role in India-GCC relations, with exports to India representing 71 percent of the bloc's total exports. India has been pursuing a free trade pact with the whole bloc for the past two decades. A framework agreement on economic cooperation was signed in 2004, but two rounds of negotiations, in 2006 and 2008, were inconclusive. The agreement would give India access to a large and affluent market for its goods and also concessions on visas in a region, which is a second home for about 9 million Indian expat workers. In January, GCC Secretary General Jasem Mohammed Al-Budaiwi said that the grouping would look forward to starting free trade negotiations with India in 2025.
The Independent
2 days ago
- Business
- The Independent
Modi pledges $565m to debt-ridden Maldives during two-day visit
Indian prime minister Narendra Modi announced a $565m line of credit to the Maldives during a visit to the archipelago in the Indian Ocean, as the two countries launched talks for a free-trade agreement. Mr Modi's visit comes as the Maldives is set to celebrate its 60th year of independence amid renewed vigour in diplomatic relations between the two countries. The Indian prime minister's visit also marks the further easing of diplomatic tensions between the two nations that followed the election of pro- China Muizzu in 2023. Mr Modi's two-day visit is crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. Regional powers India and China compete for influence in the archipelago nation, which is strategically located in the Indian Ocean. On Friday, Mr Modi witnessed the exchange of agreements to cooperate in sectors such as fisheries, health, tourism and digital development. He also formally handed dozens of heavy vehicles to the Maldives' defense forces. 'India is Maldives' closest neighbour. Maldives holds an important place in both India's neighborhood-first policy and ocean vision," the Indian prime minister said. 'India is also proud to be Maldives' most trusted friend.' The line of credit will be used for 'infrastructure and development projects in line with the priorities of the people of the Maldives,' he said. "India will continue to support Maldives in developing its defence capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal," Mr Modi added. During Muizzu's visit to India last October, India announced financial support to the cash-strapped Maldives in the form of a $100-million treasury bills rollover and the countries signed a $400-million currency swap agreement. Tensions between India and the Maldives grew since Mr Muizzu, who favoured closer ties with China, was elected in 2023 after defeating India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Mr Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measure by Mr Modi to promote tourism in India's Lakshadweep archipelago, off the southwestern coast of the Indian mainland, also sparked anger from Maldivians, who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott to the Maldives. The dispute deepened when Mr Muizzu visited China ahead of India in January last year, a move seen by New Delhi as a snub. On his return, Mr Muizzu spelled out plans to rid his tiny nation of dependence on India for health facilities, medicines and import of staples. Relations started to improve after Mr Muizzu attended Mr Modi's swearing-in ceremony for a third five-year term. The Maldives' president has toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified as concerns grew about the archipelago nation's economy. India has long been a critical provider of development assistance to the Maldives. Meanwhile, the Maldives joined China's Belt and Road Initiative in 2013 to build ports and highways and expand trade as well as China's influence across Asia, Africa, and Europe. Mr Modi will attend the Maldives' 60th independence anniversary from being a British protectorate on Saturday.
Yahoo
3 days ago
- Automotive
- Yahoo
India's Goyal Sees UK Trade Deal as Win-Win
Indian Commerce Minister Piyush Goyal comments on the UK and India sealing a free trade agreement eliminating tariffs on products ranging from cars to alcohol. Sign in to access your portfolio
The Independent
3 days ago
- Business
- The Independent
India's Modi announces credit worth $565 million to the Maldives and launches free trade talks
Indian Prime Minister Narendra Modi on Friday announced a $565-million line of credit to the Maldives during a visit to the Indian Ocean archipelago, as the two countries launched formal talks for a free-trade agreement. Modi is visiting the Maldives, known for its upmarket tourist resorts, to mark the 60th anniversary of its independence and diplomatic relations between the two countries. The announcement came during Modi's joint media statement with Maldives' President Mohamed Muizzu. The two-day visit is crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It also marks the further easing of diplomatic tensions between the two nations that followed the election of pro-China Muizzu in 2023. Regional powers India and China compete for influence in the archipelago nation, which is strategically located in the Indian Ocean. On Friday, Modi witnessed the exchange of agreements to cooperate in sectors such as fisheries, health, tourism and digital development. He also formally handed dozens of heavy vehicles to the Maldives' defense forces. 'India is Maldives' closest neighbor. Maldives holds an important place in both India's neighborhood- first policy and ocean vision," Modi said. 'India is also proud to be Maldives' most trusted friend.' The line of credit will be used for 'infrastructure and development projects in line with the priorities of the people of the Maldives,' he said. "India will continue to support Maldives in developing its defense capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal," he added. During Muizzu's visit to India last October, India announced financial support to the cash-strapped Maldives in the form of a $100-million treasury bills rollover and the countries signed a $400-million currency swap agreement. Tensions between India and the Maldives grew since Muizzu, who favored closer ties with China, was elected in 2023 after defeating India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measure by Modi to promote tourism in India's Lakshadweep archipelago, off the southwestern coast of the Indian mainland, also sparked anger from Maldivians, who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott to the Maldives. The dispute deepened when Muizzu visited China ahead of India in January last year, a move seen by New Delhi as a snub. On his return, Muizzu spelled out plans to rid his tiny nation of dependence on India for health facilities, medicines and import of staples. Relations started to improve after Muizzu attended Modi's swearing-in ceremony for a third five-year term. Muizzu has toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified as concerns grew about Maldives' economy. India has long been a critical provider of development assistance to the Maldives. Meanwhile, the Maldives joined China's Belt and Road Initiative in 2013 to build ports and highways and expand trade as well as China's influence across Asia, Africa, and Europe. Modi will attend the Maldives' 60th independence anniversary from being a British protectorate on Saturday.
Al Arabiya
3 days ago
- Business
- Al Arabiya
India's Modi announces credit worth $565 million to the Maldives and launches free trade talks
Indian Prime Minister Narendra Modi on Friday announced a $565 million line of credit to the Maldives during a visit to the Indian Ocean archipelago, as the two countries launched formal talks for a free-trade agreement. Modi is visiting the Maldives, known for its upmarket tourist resorts, to mark the 60th anniversary of its independence and diplomatic relations between the two countries. The announcement came during Modi's joint media statement with Maldives President Mohamed Muizzu. The two-day visit is crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It also marks the further easing of diplomatic tensions between the two nations that followed the election of pro-China Muizzu in 2023. Regional powers India and China compete for influence in the archipelago nation, which is strategically located in the Indian Ocean. On Friday, Modi witnessed the exchange of agreements to cooperate in sectors such as fisheries, health, tourism, and digital development. He also formally handed dozens of heavy vehicles to the Maldives defense forces. 'India is Maldives closest neighbor. Maldives holds an important place in both India's neighborhood-first policy and ocean vision,' Modi said. 'India is also proud to be Maldives most trusted friend.' The line of credit will be used for infrastructure and development projects in line with the priorities of the people of the Maldives, he said. India will continue to support Maldives in developing its defense capabilities. 'Peace, stability, and prosperity in the Indian Ocean region is our common goal,' he added. During Muizzu's visit to India last October, India announced financial support to the cash-strapped Maldives in the form of a $100 million treasury bills rollover, and the countries signed a $400 million currency swap agreement. Tensions between India and the Maldives grew since Muizzu, who favored closer ties with China, was elected in 2023 after defeating India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year, New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measures by Modi to promote tourism in India's Lakshadweep archipelago off the southwestern coast of the Indian mainland also sparked anger from Maldivians who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott to the Maldives. The dispute deepened when Muizzu visited China ahead of India in January last year, a move seen by New Delhi as a snub. On his return, Muizzu spelled out plans to rid his tiny nation of dependence on India for health facilities, medicines, and import of staples. Relations started to improve after Muizzu attended Modi's swearing-in ceremony for a third five-year term. Muizzu has toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified as concerns grew about Maldives economy. India has long been a critical provider of development assistance to the Maldives. Meanwhile, the Maldives joined China's Belt and Road Initiative in 2013 to build ports and highways and expand trade, as well as China's influence across Asia, Africa, and Europe. Modi will attend the Maldives 60th independence anniversary from being a British protectorate on Saturday.
