Oman at 2nd UN Food Summit
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Times of Oman
2 days 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.
Observer
4 days ago
- Observer
HM the Sultan meets UK Prime Minister
His Majesty Sultan Haitham bin Tarik met with Keir Starmer, Prime Minister of the United Kingdom (UK). The meeting took place at the Prime Minister's Office in London today. The meeting reviewed aspects of existing cooperation between the two countries and underscored their mutual commitment to strengthening the foundations of their strategic partnership and expanding its horizons across various economic, investment, and trade sectors. This aligns with their shared interests and the aspirations of their peoples toward further progress and prosperity. The meeting also addressed several regional and international issues, as His Majesty the Sultan welcomed the United Kingdom's intention to recognize the Palestinian state, reaffirming the Sultanate of Oman's steadfast support for all efforts leading to a just and comprehensive peace in accordance with international legitimacy and the two-state solution. In this context, the UK Prime Minister expressed his country's deep appreciation for the constructive role of the Sultanate of Oman, under the leadership of His Majesty the Sultan, in advocating dialogue and peace, as well as enhancing regional and international security and stability. The meeting was attended from the Omani side by Sayyid Badr bin Hamad Al Busaidi, Foreign Minister, Dr. Hamad bin Said Al Aufi, Head of the Private Office and Badr bin Mohammed Al Manthri, Ambassador of the Sultanate of Oman to the United Kingdom of Great Britain and Northern Ireland. Meanwhile, it was attended from the British side by Jonathan Powell, UK National Security Advisor and Dr. Liane Saunders, Ambassador of the UK to the Sultanate of Oman.
Muscat Daily
4 days ago
- Muscat Daily
H M, Starmer discuss strengthening strategic partnership
By OMAN NEWS AGENCY (ONA) London – His Majesty Sultan Haitham bin Tarik met UK Prime Minister Keir Starmer at 10 Downing Street on Wednesday where the two leaders discussed ways to deepen the strategic partnership between Oman and the United Kingdom. The meeting reviewed existing cooperation and reaffirmed the shared commitment to broadening ties across economic, investment and trade sectors, in line with the mutual aspirations for greater prosperity. The leaders also exchanged views on regional and international developments. His Majesty the Sultan welcomed the United Kingdom's intention to recognise the State of Palestine and reiterated Oman's firm support for all efforts aimed at achieving a just and comprehensive peace based on international legitimacy and the two-state solution. PM Starmer praised Oman's constructive role under His Majesty the Sultan's leadership in promoting dialogue and peace, and contributing to regional and international security and stability. The meeting was attended from the Omani side by Sayyid Badr bin Hamad al Busaidi, Foreign Minister; Dr Hamad bin Said al Aufi, Head of Private Office; and Badr bin Mohammed al Mandhari, Ambassador of Oman to the United Kingdom. Representing the UK were Jonathan Powell, National Security Adviser, and Dr Lianne Saunders, British Ambassador to Oman.
