Oman ranks as India’s third-largest export market within the Gulf Cooperation Council (GCC) nations. The agreement is anticipated to boost Indian exports further after the implementation of the free trade agreement. Presently, more than 80% of Indian goods face an average 5% import duty upon entering Oman, with few existing trade barriers.
India, Oman free trade agreement likely to be inked next month: Official
GTRI says 51.5% agri exports from just 5 products makes sector vulnerable to global prices, demand
2 years ago
At present export of non-basmati rice is currently banned from India and India is also fighting at the WTO (World Trade Organisation) to protect subsidies to rice and wheat under a public stock holding programme.
India’s first payment in rupees for oil bought from the UAE marked a step toward making the local currency more global. Officials noted this push but clarified that there are no specific goals. With over 85% oil dependency, India aims to buy affordably, diversify sources and honor global commitments.
“As of Sunday 24 December 2023, we have received confirmation that the previously announced multi-national security initiative Operation Prosperity Guardian (OPG) has now been set up and deployed to allow maritime commerce to pass through the Red Sea / Gulf of Aden and once again return to using the Suez Canal as a gateway between […]
Though India has allayed US concerns that it has no plans to expand the use of import management system for the IT hardware products such as personal computers and laptops beyond the listed products multilaterally, officials said the issue could be discussed bilaterally at the forum. Washington had said that the measure prompts its firms […]
Amid Dhaka’s keenness to join China-led RCEP block, India reassess proposed trade pact with Bangladesh
2 years ago
Bangladesh is in talks with the 15-member RCEP bloc and is likely to take a call about joining it after the elections on January 7. India had pulled out of the RCEP pact in 2019 after negotiating for seven years, citing concerns on trade deficit with China, circumvention of rules of origin, and how the […]
The upcoming India-US Trade Policy Forum (TPF) meeting in January is set to address visa concerns, agricultural trade promotion, and the restoration of benefits under the US Generalized System of Preferences (GSP) program. US Trade Representative Katherine Tai is scheduled to meet with India’s Commerce and Industry Minister Piyush Goyal during the two-day meeting starting […]
Suez Canal Incidents: Over 300 vessels have opted for a 6,000 nautical mile diversion around the Cape of Good Hope in recent days. Consequently, transit durations, shipping costs, and insurance premiums have risen, posing a potential disruption to global production timelines. With the Houthi assault in the Red Sea looming over world trade, what solutions […]
The main vision for developing the island aims “to capture the locational advantage of being on international sea route and develop Great Nicobar as a sustainable, green, global hotspot for business, trade and leisure”, according to a document from the Pollution Control Committee of the union territory.
The Indian government has extended the zero import duty on masur dal (lentil) until March 2025 to maintain a stable supply and control domestic prices. The exemption, along with a 10% agri-infra cess, was set to expire in March 2024. The move aims to provide a clear signal to farmers in producing countries and encourage […]