India, Oman free trade agreement likely to be inked next month: Official

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.

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.

​​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 […]

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 […]

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 […]

India has strongly objected to efforts of certain countries to push a proposal on investment facilitation at the WTO, saying the agenda falls outside the mandate of the global trade body and cannot be deliberated in formal meetings. According to the statement of the Indian delegation in a meeting of the General Council of the […]

Moreover, overall exports face a shortfall of about $4-5 billion this year after India curbed exports of wheat, rice and sugar amid rising prices though the growth in exports of other farm commodities will offset the export deficit.

India’s exports are displaying increased resilience to shifts in global demand and relative prices, according to the Chief Economic Adviser’s office. In a collection of essays released, it highlighted a growing trend in the export of high-value goods and a rise in participation in the manufacturing global value chain (GVC).