India Looking To Sign FTA With Oman As PM Modi Begins Third Term In Office: Report
The report noted that Oman and India almost finalised the deal during PM Modi's second term, however, an agreement couldn't be signed as the model code of conduct was implemented
India is reportedly planning to sign a free trade agreement (FTA) with Oman within the first 100 days of PM Narendra Modi’s third term in office. Media reports said that India and the Sultanate of Oman almost reached a conclusion on negotiations during the Indian PM’s second tenure, however, the deal couldn’t be inked owing to the model code of conduct which came into force on March 16 after the announcement of the dates for the Lok Sabha elections.
According to a report by the Hindustan Times, officials in the know said that the deal is likely to be finalised soon. “The India-Oman FTA is almost finalised, awaiting [formal] political nod from both sides,” the report said citing the officials, who wished to remain anonymous. This will mark a fresh high for the strategic relations between India and Oman.
Another source noted in the report that officials from both the countries have prepared the draft agreement documents and the deal remains a ‘work in progress’.
Recently, the Oman ruler also congratulated PM Modi for his third term in office. Replying to his wishes, PM Modi in a post on social media platform X, wrote, “Thank His Majesty Sultan Haitham bin Tarik of the Sultanate of Oman for his call and deeply appreciate his warm felicitations and words of friendship. The centuries-old India-Oman strategic ties are destined to scale new heights.”
The FTA with Oman, once finalised, will be the first crucial bilateral relations deal under the Modi government in the third tenure.
Notably, India inked an FTA with the EFTA bloc (European Free Trade Association), made up of Iceland, Liechtenstein, Norway, and Switzerland, in early March. The countries committed to an investment of $100 billion in India over the span of 15 years and to create one million direct jobs via the investment.
Earlier in February 2022, India also signed a FTA with the United Arab Emirates, and further in April, the country inked another deal with Australia.
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