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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.
Free Trade Agreement: India and the UK are engaged in crucial talks for a significant free-trade deal before general elections next year in India. The UK delegation, led by trade negotiations director Amanda Brooks and economic adviser Douglas McNeill, held discussions in New Delhi, aiming to expand a trading relationship exceeding $24 billion. Prime Minister Narendra Modi seeks to finalise the deal amid a short political window.
The free trade agreement between India and the United Kingdom is facing further delays due to disagreements, particularly regarding trade in goods and services. India is struggling to differentiate between its wants and needs in the negotiations. The two countries were expected to sign the proposed agreement at the end of this month, but progress has slowed.
The countries have already achieved broad consensus on trade of goods especially on the prickly issues of whiskey and automobiles. As many as 19 chapters of the total 26 have also been closed.
Dr Biswajit Dhar is Professor at the Centre for Economic Studies and Planning School of Social Sciences, Jawaharlal Nehru University, New Delhi.