NEW DELHI: The next six weeks could see the activation of at least three of India’s trade agreements – with Oman, the UK and New Zealand – even as it seeks to ensure preferential tariff advantage in the US, once Washington finalizes its strategy following a Supreme Court setback over reciprocal tariffs.India and New Zealand are looking to sign the Free Trade Agreement (FTA) in the fourth week of April, while talks are on with Oman to implement the treaty from May 1, Commerce and Industry Minister Piyush Goyal told reporters. He also said it was possible that the agreement with the UK could be implemented in the next four to six weeks. India and Chile have also agreed to hold expedited talks on the proposed trade deal, while a preferential trade agreement with the South African Customs Union may be confirmed in 2026, Commerce Minister Rajesh Agrawal added.
India and Peru are also seeking to narrow the gap between them through a package to break the deadlock in the talks.
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Free trade agreements between India, the UK and Oman may come into force by May; New Zealand deal could be signed by end of April: Joyal
Goyal, who was in Cameroon to attend the World Trade Organization Ministerial Conference last week, said that during his meeting with his Chinese counterpart Wang Wentao, he discussed ways to expand trade while increasing exports of medicines, food and fisheries. This was the first meeting between the trade ministers after India decided to exit the Regional Comprehensive Economic Partnership a few years ago.
Goyal said that during the ministerial meeting, India supported extending the moratorium on imposing import duties on cross-border movement of electronics for a longer period. On Thursday, it emerged that 23 countries, including the US, UK, Japan and South Korea, which had been calling for a permanent moratorium, had agreed to maintain the current practice of not imposing tariffs on electronic transfers “among us” until the WTO General Council meets in Geneva.
