Government set to roll out 3 free trade pacts in six weeks

NEW DELHI: The next six weeks could see at least three of the trade deals finalised by India — with Oman, the UK and New Zealand — being operationalised, even as it seeks to ensure a preferential duty advantage in the US, once Washington finalises its strategy after the Supreme Court setback on reciprocal tariffs.

Commerce and industry minister Piyush Goyal told reporters that India and New Zealand are looking to sign the free trade agreement (FTA) in the fourth week of April, while talks are underway with Oman to implement the treaty from May 1. He also said that it is possible that agreement with the UK will be implemented in the next fourto-six weeks. Commerce secretary Rajesh Agrawal added that India and Chile have also agreed to fast track talks for the proposed trade deal , while preferential trade agreement with the South African Customs Union may be firmed up in 2026. Also, India and Peru are seeking to narrow their gaps through a package to break the deadlock in talks.




Goyal, who was in Cameroon for the WTO ministerial conference last week, also said that during his meeting with his Chinese counterpart Wang Wentao he discussed ways to expand trade with higher exports of pharma, food and fisheries. This was the first meeting between trade ministers after India decided to exit RCEP a few years ago.

At the ministerial meeting, India backed extending the moratorium on imposing import duties for cross-border electronics transmission for longer period, Goyal said. On Thursday, it emerged that 23 countries including the US, the UK, Japan and South Korea, which were demanding a permanent moratorium, have agreed to maintain the current practice of not imposing customs duties on electronic transmissions “among ourselves” until WTO’s general council meeting in Geneva.
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