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Muscat Daily
2 days ago
- Business
- Muscat Daily
India concludes FTA negotiations with Oman: Minister
New Delhi, India – Negotiations for a free trade agreement (FTA), officially referred to as the Comprehensive Economic Partnership Agreement (CEPA), between India and Oman – which began in 2023 – have been concluded. 'India–Oman CEPA negotiations have been concluded,' India's Minister of State for Commerce and Industry, Jitin Prasada, informed the Rajya Sabha (Upper House of Parliament) in a written reply this week, responding to a question from Congress member Jebi Mather Hisham regarding India's trade agreements. India and Oman share a long-standing history of friendship and cooperation, founded on mutual trust and respect, with strong people-to-people links stretching back centuries. The two countries are strategic partners, and bilateral trade and investment have expanded significantly since diplomatic relations were established in 1955, which were upgraded to a strategic partnership in 2008. The minister, however, did not specify any date or timeline for the signing ceremony of the India–Oman CEPA. In his reply, Prasada also outlined India's progress in strengthening trade ties over the past five years, noting that five major FTAs had been signed, with several more under negotiation. The agreements concluded in the past five years include the India–Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), implemented in 2021; the India–UAE CEPA and the India–Australia Economic Cooperation and Trade Agreement (ECTA) in 2022; the India–European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024; and the India–UK Comprehensive Economic and Trade Agreement (CETA), signed in 2025 but yet to come into force. The India–EFTA TEPA is expected to be implemented later this year, once all parties complete their ratification processes. Meanwhile, India is engaged in negotiations on several other trade deals, including the India–EU FTA, the India–Australia Comprehensive Economic Cooperation Agreement (CECA), the India–Sri Lanka Economic and Technology Cooperation Agreement, the India–Peru FTA, the India–Chile CEPA, the India–New Zealand FTA, and a bilateral trade agreement with the United States. ANI
Time of India
2 days ago
- Business
- Time of India
India's trade ties expansion: 5 major FTAs signed in five years; more deals in progress, says MoS Commerce & Industry
Representative image Over the last five years, India has expanded its international trade relationships by signing five major Free Trade Agreements (FTAs) whilst progressing with several new negotiations, as detailed in Minister of State for Commerce and Industry Jitin Prasada 's written response to the Rajya Sabha. The Minister provided this information in response to Congress member Jebi Mather Hisham's query regarding India's international trade agreements signed during the previous five years and their implementation status. The five-year period saw the implementation of multiple agreements namely: India-Mauritius CECPA in 2021 India-UAE CEPA in 2022 India-Australia ECTA in 2022 India-EFTA TEPA in 2024 India-UK CETA in 2025 (pending implementation) The Minister's trade data revealed varied results across different agreements, according to ANI report. The India-Australia ECTA showed export growth of 14 per cent in 2023-24 and 8 per cent in 2024-25, despite maintaining a negative trade balance. The Mauritius agreement demonstrated consistent trade surplus, whilst UAE trade saw substantial increases in both exports and imports, largely from petroleum trade, resulting in a growing deficit. Regarding the India-UAE FTA, primary imports for 2024-2025 comprised Petroleum: Crude, Petroleum Products, and associated items. Agricultural and pharmaceutical exports from India showed positive growth. "Additionally, the FTA has also led to a significant growth in Foreign Direct Investment," the minister said in his response. The India-EFTA TEPA awaits implementation later this year, subject to ratification completion by all parties. India has finalised negotiations for a Comprehensive Economic Partnership Agreement with Oman and is pursuing various other agreements, including deals with the EU, Australia (CECA), Sri Lanka, Peru, Chile, New Zealand, and the United States. Furthermore, India is modernising existing trade agreements, including the ASEAN-India Trade in Goods Agreement (2009) and the India-Korea CEPA (2009). Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Economic Times
2 days ago
- Business
- Economic Times
India inked 5 FTAs in past 5 years, negotiations on for a few more: Jitin Prasada apprises Parliament
Synopsis India has boosted its trade relations by signing five Free Trade Agreements. These agreements include deals with Mauritius, UAE, and Australia. Trade data shows mixed results, with growth in some sectors. India is also in talks for new agreements with several countries. Discussions are underway with the EU, Australia, Sri Lanka, and the United States. ANI Jitin Prasada, Minister of State for Commerce and Industry India has strengthened its trade ties over the past five years, signing five major Free Trade Agreements (FTAs) and progressing on several new deals, Minister of State for Commerce and Industry Jitin Prasada informed the Rajya Sabha in a written reply this member Jebi Mather Hisham asked the Minister to apprise the House about the number of international trade agreements that have been signed by India in the last five years, besides details of their agreements inked over the past 5 years include the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is yet to come into data shared by the Union Minister shows mixed the India-Australia ECTA, exports grew 14 per cent in 2023-24 and 8 per cent in 2024-25, though the trade balance remained negative in both the latest fiscals. The Mauritius trade deal maintained a consistent trade surplus, while trade with the UAE recorded significant growth in both exports and imports, primarily driven by petroleum products. A widening deficit has been noticed vis-a-vis the India-UAE FTA, core imports in 2024-2025 included Petroleum: Crude, Petroleum Products, and other related commodities. India's exports of agricultural products and pharmaceuticals have registered growth."Additionally, the FTA has also led to a significant growth in Foreign Direct Investment," the minister said in his India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to be implemented later this year once all parties complete their ratification India has concluded negotiations for a Comprehensive Economic Partnership Agreement with Oman, and is in advanced talks for several other agreements, including the India-EU FTA, India-Australia Comprehensive Economic Cooperation Agreement (CECA), India-Sri Lanka Economic and Technology Cooperation Agreement, India-Peru FTA, India-Chile CEPA, India-New Zealand FTA, and a bilateral trade agreement with the United India is reviewing and upgrading older trade pacts such as the ASEAN-India Trade in Goods Agreement (2009) and the India-Korea CEPA (2009).
Time of India
2 days ago
- Business
- Time of India
India inked 5 FTAs in past 5 years, negotiations on for a few more: Jitin Prasada apprises Parliament
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India has strengthened its trade ties over the past five years, signing five major Free Trade Agreements (FTAs) and progressing on several new deals, Minister of State for Commerce and Industry Jitin Prasada informed the Rajya Sabha in a written reply this member Jebi Mather Hisham asked the Minister to apprise the House about the number of international trade agreements that have been signed by India in the last five years, besides details of their agreements inked over the past 5 years include the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024, and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025, which is yet to come into data shared by the Union Minister shows mixed the India-Australia ECTA, exports grew 14 per cent in 2023-24 and 8 per cent in 2024-25, though the trade balance remained negative in both the latest Mauritius trade deal maintained a consistent trade surplus, while trade with the UAE recorded significant growth in both exports and imports, primarily driven by petroleum products. A widening deficit has been noticed vis-a-vis the India-UAE FTA , core imports in 2024-2025 included Petroleum: Crude, Petroleum Products, and other related commodities. India's exports of agricultural products and pharmaceuticals have registered growth."Additionally, the FTA has also led to a significant growth in Foreign Direct Investment," the minister said in his India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to be implemented later this year once all parties complete their ratification India has concluded negotiations for a Comprehensive Economic Partnership Agreement with Oman, and is in advanced talks for several other agreements, including the India-EU FTA, India-Australia Comprehensive Economic Cooperation Agreement (CECA), India-Sri Lanka Economic and Technology Cooperation Agreement, India-Peru FTA, India-Chile CEPA, India-New Zealand FTA, and a bilateral trade agreement with the United India is reviewing and upgrading older trade pacts such as the ASEAN-India Trade in Goods Agreement (2009) and the India-Korea CEPA (2009).
Indian Express
25-07-2025
- Business
- Indian Express
Kerala told to start land acquisition with its 50% project cost: Vaishnaw on Sabarimala rail project
Land acquisition for the long-pending Angamali-Sabarimala Railway line, also called Sabari Rail project, is likely to begin soon as recent discussions between Kerala government and Railways Ministry indicate a renewed push to implement the project. In a written reply to questions from Congress's Jebi Mather Hisham in RS Friday, Railway Minister Ashwini Vaishnaw said that in a recent meeting with CM Pinarayi Vijayan, the state government has been requested to begin land acquisition by using its share of 50% of the project cost. Vaishnaw said that once land acquisition by the state starts, work can proceed further. The 111-km Angamali-Sabarimala railway line project via Erumeli was sanctioned in 1997-98. It is among the crucial railway projects in Kerala, which is expected to cater to the pilgrims visiting Sabrimala temple. Erumeli is the gateway to the famous hill temple. However, only the work on Angamali-Kaladi (7 km) line and long lead works on Kaladi-Perumbavoor (10 km) were taken up so far. Vaishnaw said that further works could not be taken up due to protests against land acquisition and fixing of alignment of the line, court cases against the project and inadequate support from the state government. The project's estimated cost has been revised to `3,801 crore by Kerala Rail Development Corporation Ltd (KRDCL) and submitted to Kerala government in December, 2023. In August 2024, the Kerala government gave its conditional consent to the estimate. Later, the Railways Ministry asked the state government to give unconditional consent for sharing the cost. The ministry also asked the Kerala government to enter into a tripartite MoU among the state government, Ministry of Railways and RBI for the project. 'However, in a memorandum submitted by Kerala government to the Railway Minister on June 3, 2025, it has been intimated that the Kerala government does not agree to enter into tripartite agreement,' Vaishnaw said. An MoU was inked between the state and the Railways Ministry in January 2016 but work could not be started due to ambiguity over financing and sharing of total cost. Dheeraj Mishra is a Principal correspondent with The Indian Express, Business Bureau. He covers India's two key ministries- Ministry of Railways and Ministry of Road Transport & Highways. He frequently uses the Right to Information (RTI) Act for his stories, which have resulted in many impactful reports. ... Read More
