Latest news with #economicpartnership
Arab News
5 days ago
- Business
- Arab News
India nearing free trade deal with Oman, minister says after UK pact
NEW DELHI: India's free trade agreement with Oman is almost finalized, Commerce and Industry Minister Piyush Goyal has announced, only days after New Delhi signed a long-awaited trade pact with the UK. Negotiations between India and Oman on a comprehensive economic partnership agreement formally began in November 2023, with the first round in New Delhi and the second in Muscat. When the talks concluded in March 2024, Oman sought revisions on market access terms and the final signature was postponed. 'We are in negotiations at an advanced stage with Oman — almost finalized,' Goyal told reporters on Saturday evening, two days after he signed a multibillion-dollar free trade deal with the UK. 'The free trade agreement between India and UK, the Comprehensive Economic Trade Agreement, clearly reflects the growing relevance and importance of India at the world stage.' Under the pact, about 99 percent of Indian goods will get duty-free access to the UK market, and bilateral trade is expected to increase by over $34 billion in the next decade from the current $54 billion. India has free trade agreements with more than 10 countries, including comprehensive economic partnership agreements with South Korea, Japan, and the UAE. It is also in talks with the EU to conclude an FTA by the end of 2025, and also with Australia, with an interim deal signed in 2022 and a full one under negotiation. If India finalizes its pact with Oman, it will be its second with a Gulf Cooperation Council country after the 2022 CEPA with the UAE. While Oman is one of New Delhi's smaller GCC trading partners — trailing behind the UAE and Saudi Arabia, with bilateral trade volume accounting for about $10 billion — it remains strategically important, particularly in energy and logistics. The FTA could further deepen these ties, Anil Wadhwa, New Delhi's former envoy to Muscat, told Arab News. 'India and Oman both are set to benefit a lot from this FTA ... Oman and India have a trade volume between $8 billion and $10 billion annually, and 700 Indian companies have invested in Oman,' he said. 'Oman was keen on an FTA on the lines of the UAE. The main negotiations took less than 90 days. Since then, Oman wanted further concessions in petrochemicals and in marble ... It is understood that these negotiations are now nearing a closure.' Economic cooperation plays a crucial role in India-GCC relations, with exports to India representing 71 percent of the bloc's total exports. India has been pursuing a free trade pact with the whole bloc for the past two decades. A framework agreement on economic cooperation was signed in 2004, but two rounds of negotiations, in 2006 and 2008, were inconclusive. The agreement would give India access to a large and affluent market for its goods and also concessions on visas in a region, which is a second home for about 9 million Indian expat workers. In January, GCC Secretary General Jasem Mohammed Al-Budaiwi said that the grouping would look forward to starting free trade negotiations with India in 2025.
Times of Oman
7 days ago
- Business
- Times of Oman
"Pleased to announce initiation of negotiations for India-Maldives FTA," Muizzu says
Male: India and Maldives on Friday announced the initiation of negotiations for the launch of a Free Trade Agreement (IMFTA). Maldivian President Mohamed Muizzu, on Friday, announced the beginning of negotiations for a Free Trade Agreement between the two countries during a joint press conference in Male with Prime Minister Narendra Modi. Muizzu said, "I am also pleased to announce the initiation of negotiations for a free trade agreement between India and the Maldives. This landmark initiative marks a significant step forward in strengthening our economic partnership." Prime Minister Narendra Modi today held wide-ranging talks with Maldivian President Mohamed Muizzu, focusing on consolidating cooperation in areas of trade, defence and infrastructure. The two leaders held a one-on-one meeting as well as delegation-level talks. Both countries exchanged MoUs in the presence of Prime Minister Modi and Maldives President Muizzu. Muizzu said, "The Prime Minister's visit coincides with two cherished occasions. Tomorrow, PM Modi will join me in the 60th Independence Day celebrations of the Maldives. Today, we have jointly released a commemorative stamp to mark the 60th anniversary of the establishment of formal diplomatic relations between the Maldives and India. This afternoon, Prime Minister Modi and I had extensive discussions." Muizzu said that the resources from MoUs will be used for utilization of Maldives government across key sectors. "Prime Minister Modi and I had the honour of witnessing the signing of four MoUs and three agreements on several key areas. Among these is a line of credit agreement for USD565 million. This will be utilised for priority projects of my government across key sectors," he said. The outcomes included the initiation of the India-Maldives Free Trade Agreement (IMFTA) negotiations. India extended the Line of Credit (LoC) of Rs 4,850 crores to Maldives. India reduced annual debt repayment obligations of Maldives on Gol-funded LoCs. There was joint issuance of commemorative stamp on 60th anniversary of establishment of India-Maldives diplomatic relations. Handing over of 3,300 social housing units in Hulhumale under India's Buyers' Credit facilities took place. Inauguration of Roads and Drainage system project in Addu city, inauguration of 6 High Impact Community Development Projects in Maldives took place.
Arab News
24-07-2025
- Business
- Arab News
India, UK sign multibillion-dollar free trade deal
Indian Prime Minister Narendra Modi signed on Thursday a long-awaited free trade agreement with the UK, which will see tariffs cut on goods and increase market access for both countries. Modi arrived in London on Wednesday evening to meet his British counterpart Keir Starmer and witness the official signing of the deal by India's Commerce Minister Piyush Goyal and UK Business Secretary Jonathan Reynolds in the Great Hall of Chequers in Aylesbury. 'This agreement is not merely an economic partnership, but a plan for shared prosperity. On one hand, Indian textiles, footwear, gems and jewelry, seafood and engineering goods will get better market access in the UK. New opportunities will be created in the UK market for India's agriculture produce and processed food industry,' Modi said during a joint press conference with Starmer. 'For India's youth, farmers, fishermen, and the MSME sector, this agreement will prove especially beneficial. On the other hand, for the people and industry of India, products made in the UK, such as medical devices and aerospace parts, will become available at accessible and affordable prices.' A deal-in-principle was announced by Modi and Starmer in late May. Launched in January 2022, the FTA negotiations between India and the UK were set to conclude the same year, but despite more than a dozen formal rounds, talks have stalled over issues such as tariffs, rules of origin and mobility for services professionals. Under the new pact, about 99 percent of Indian goods will get duty-free access to the UK market. It will also halve import duties on UK-produced whiskey and gin from 150 percent, followed by a further decrease to 40 percent in a decade. Tariffs on automobiles will be reduced from 100 percent to 10 percent. The services part of the deal eases the movement of professionals — from independent practitioners such as yoga instructors, musicians and chefs, to business visitors, investors, contractual service providers and intra-corporate transferees. It also extends work and residence rights to their partners and dependent children While the pact's opponents cited concerns that it could undercut British workers, Starmer said after its signing that it 'will bring huge benefits to both of our countries, boosting wages, raising living standards and putting more money in the pockets of working people' and that it 'is good for jobs, it is good for business, putting tariffs and making trade cheaper, quicker and easier.' Current bilateral India-UK trade stands at about $54 billion, according to UK Department for Business and Trade data, with UK exports to India estimated at $21.7 billion and imports at $32.4 billion. Anupam Manur, professor of economics at the Takshashila Institution, told Arab News that the FTA is expected to increase it by more than 60 percent in the next decade. 'The free trade deal with the UK is extremely significant for India, which would result in a $34 billion boost in bilateral trade,' he said. 'From India's point of view, it stands to gain on both counts; greater choice of products at lower prices due to lower import rates, and free market access to a large, advanced economy.' India has free trade agreements with more than 10 countries, including Comprehensive Economic Partnership Agreements with South Korea, Japan and the UAE. It is also in talks with the EU to conclude an FTA by the end of 2025, and with Australia, with an interim deal signed in 2022 and a full one under negotiation. At the same time, the US is threatening tariffs on India; it wants broader access to several key sectors, including agriculture, automobiles, steel and aluminium — a concession New Delhi resists. Without a deal, Indian exports could face a 26-27 percent 'reciprocal' tariff imposed by President Donald Trump's administration, starting Aug. 1. 'The trade deal with the UK eases the pressure on the Indian side to sign a hastily negotiated deal with the US ... This also acts as a template for how a good trade deal is done without looming deadlines and threats,' Manur said. 'A trade deal with the UK, Australia and the EU will signal to the US administration that India is not desperate for a deal, but will instead negotiate on its own terms.'
Zawya
22-07-2025
- Business
- Zawya
Egypt, Germany to expand partnership with new $109mln debt swap
Egypt and Germany are expanding their economic partnership with a focus on innovative financing and private sector investment, with a new €100m ($109m) tranche under a debt-for-development swap programme to be activated by mid-2026, Egypt's Planning and International Cooperation Minister said on Sunday. Speaking at a joint press conference, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat said the visit of German Federal Minister for Economic Cooperation and Development, Reem Alabali-Radovan, sent a strong message of partnership at a time of significant global and regional sensitivity. Al-Mashat said the two countries enjoy a strategic partnership that has evolved into a comprehensive collaboration, with Germany being one of Egypt's largest European partners in development cooperation, trade, and investment. Around 1,600 German companies operate in Egypt with total investments exceeding €6 billion in sectors including the green transition and manufacturing. The trade volume between the two countries is approximately €6.8 billion. Al-Mashat highlighted several key areas of cooperation, including: DEBT-FOR-DEVELOPMENT SWAP: The total value of the Egypt-Germany debt swap programme is €340m, with the new €100m tranche to be activated in December 2025 and June 2026. The programme has funded projects in technical education, health, climate action, and water and sanitation. GREEN TRANSITION: Germany is a key supporter of the energy pillar of Egypt's 'NWFE' country platform, having allocated €258m in concessional financing, grants, and debt swaps to support the electricity network and the integration of renewable energy projects. Additionally, the German-financed PtX Development Fund provided €30m to Norway's Scatec for its green hydrogen project in the Suez Canal Economic Zone. FINANCIAL COOPERATION: A financial cooperation agreement signed in May 2025 includes a €118m funding package for technical education and the integration of renewable energy into the grid. Al-Mashat said a new round of intergovernmental negotiations will be held by the end of this year to agree on priorities for the coming period. The minister also noted that Egypt values Germany's efforts within the European Union to finalise a €5bn macroeconomic support mechanism and budget support for Egypt. Al-Mashat said her discussions with her German counterpart included increasing development financing for the private sector through German financial institutions and establishing a new platform, similar to NWFE, to mobilise international partnerships for industrial development. She also highlighted the effective partnership with the German Agency for International Cooperation (GIZ) in developing technical education to support national employment priorities. 'Egypt's economy is showing notable improvement in growth indicators, and we are working on enhancing macroeconomic stability to attract more foreign investment,' Al-Mashat said, adding that these efforts are part of a national plan to structurally transform the economy towards export-oriented sectors.
CNA
18-07-2025
- Business
- CNA
DPM Gan Kim Yong to visit the US from Jul 20 to 26
SINGAPORE: Singapore Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong will be visiting the United States from Sunday (Jul 20) to next Saturday to deepen ties and discuss areas of cooperation. In a press release on Friday, the Ministry of Trade and Industry (MTI) said that he will visit New York next Monday before heading to Washington, DC the day after, where he will stay until the end of his trip. "The visit will build on and keep up the robust and multi-faceted partnership between Singapore and the US," said MTI. This includes the "substantive and mutually beneficial economic and commercial relationship" that Singapore and the US share, MTI added. During the visit, MTI said that Mr Gan will meet US Cabinet secretaries, members of Congress and business and private-sector representatives. Mr Gan will also participate in a business roundtable organised by the US Chamber of Commerce to discuss international and regional economic developments as well as opportunities for future collaboration between US and Singapore companies. He will be accompanied on his visit by officials from MTI, the Ministry of Foreign Affairs (MFA) and the Monetary Authority of Singapore (MAS). Singapore and the US are major trade and investment partners. Despite this, Singapore is still subject to the baseline 10 per cent tariff rate announced by US President Donald Trump on Apr 2. In 2024, the US was Singapore's second-largest trading partner, while Singapore was the US' 16th-largest trading partner. Singapore is also the third-largest Asian investor in the US, with over 250 companies in 45 US states. The country is also the top recipient of US investment in the Indo-Pacific and the sixth worldwide. Both countries have also continued to work closely together to advance bilateral cooperation in new areas such as energy and civil nuclear cooperation. "Singapore enjoys a broad and multifaceted relationship with the US, including strong and longstanding economic, defence and people-to-people ties," MTI said.
