Commerce ministry's 100-day agenda includes FTA with Oman, SOP for trade talks

Commerce Minister Piyush Goyal

India's commerce ministry's 100-day agenda includes finalising a set of guidelines or a standard operating procedure (SOP) on negotiating foreign trade agreements, and concluding talks for the proposed FTA with Oman, a senior government official said on June 14.

The talks on the India-Oman Comprehensive Economic Partnership Agreement (CEPA) have been largely closed. The authorities were earlier aiming to sign the deal before the Lok Sabha elections that were conducted in April-May 2024.

However, both sides are yet to resolve issues around customs duty concessions on certain petrochemical products used primarily in the plastics industry, the official added.

On the other hand, the proposed SOP on FTA talks is likely to be a repository of norms based on experiences gained from past trade deal for Indian negotiators to refer for future talks.

It may also include guidelines on new and emerging issues that are gaining significance in trade deals such as gender and environment, which is expected to help the negotiator gain expertise in these areas.

Speaking of FTAs, the commerce ministry, on June 14, said that outstanding issues around the trade deal with UK will be resolved once the general elections in Britain are over.

Some of the other items on the 100-day agenda are focus on allowing special economic zones (SEZs) to sell in the domestic market, and rolling out an all-encompassing trade information platform.

Prime Minister Narendra Modi's government has listed policy measures to be implemented within 100 days from June 9 when the incoming regime took charge.