According to two government sources, Indian Prime Minister Narendra Modi is likely to prioritize the completion of free trade agreements with Britain and Oman within the first 100 days of the next government, should he emerge victorious in the upcoming elections as suggested by opinion polls.
Modi has instructed Indian ministries to establish annual objectives for the next five years, aligning with a 100-day action plan as part of his strategy to drive further growth in Asia’s third-largest economy.
The trade ministry, as per the sources, aims to highlight the agreements with Britain and Oman among its goals for the 100-day plan, given that negotiations for both deals are in their final stages. The sources, who are privy to the discussions, requested anonymity due to the confidential nature of the plan.
This month, Modi underscored the importance of integrating India into global trade during discussions with senior government officials, according to a document viewed by Reuters.
Certain objectives will be deliberated on May 1, amid India’s seven-phase election, commencing on April 19 with vote-counting slated for June 4, during which Modi will be vying for an unusual third term.
Neither the trade ministry nor Modi’s office responded to requests for comments regarding the priorities. However, a spokesperson for Britain’s Department for Business and Trade stated that the two nations are “continuing to work towards an ambitious trade deal.” The spokesperson emphasized the importance of signing a deal that is fair, balanced, and beneficial to both the British people and the economy.
Ahead of India’s elections, negotiations between both countries have been temporarily halted this month, with both parties reaffirming their commitment to a new agreement aimed at doubling trade by 2030. Britain is also due for elections this year.
Efforts to reach an Omani official were unsuccessful. However, trade ministers from India and Oman met in December, expressing their intent to expedite negotiations on a comprehensive pact to facilitate the signing of a deal.
Trade between India and Oman has surged over the past two years, reaching $12.39 billion in the last fiscal year.
