Prime Minister Narendra Modi is likely to prioritise completion of free trade deals with Britain and Oman in the first 100 days of the next government if he wins upcoming elections as opinion polls predict, two government sources said.
The sources, who spoke on the condition of anonymity, revealed that the trade ministry aims to feature these agreements prominently in the 100-day plan. Modi's recent discussions emphasized the importance of integrating India into global trade, as outlined in a document seen by Reuters.
Key objectives of this ambitious plan are expected to be deliberated on May 1, amidst India's seven-phase election, slated to commence on April 19 and conclude with vote-counting on June 4. While the trade ministry and Modi's office are yet to comment officially on the matter, a spokesperson for Britain's department for business and trade expressed commitment to advancing bilateral trade negotiations.
Addressing the ongoing negotiations, the spokesperson highlighted the importance of reaching a fair and beneficial agreement for both nations. Meanwhile, talks between India and Oman have seen progress, with trade ministers from both sides aiming to expedite discussions for a comprehensive pact.
Trade between India and Oman has witnessed significant growth, more than doubling in the past two years to reach $12.39 billion in the last fiscal year. However, negotiations with both countries have faced recent setbacks, with India's elections and Britain's upcoming polls contributing to temporary pauses in discussions.
Efforts to reach Omani officials for comment were unsuccessful at the time of reporting. Nevertheless, both India and Oman remain committed to pursuing a new pact aimed at substantially increasing bilateral trade by 2030.
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