The Aryavarth Express
Agency(New Delhi): As Prime Minister Narendra Modi gears up for the upcoming elections, sources indicate that he plans to prioritize the completion of free trade agreements with Britain and Oman within the first 100 days of his potential third term. Opinion polls predict a favorable outcome for Modi, and he has reportedly instructed Indian ministries to set annual goals for the next five years that align with a 100-day action plan aimed at further bolstering Asia’s third-largest economy.
According to two government sources with direct knowledge of the discussions, the trade ministry aims to feature the pacts with Britain and Oman in its 100-day plan, as negotiations on both deals are in their final stages. The sources, who requested anonymity due to the private nature of the plan’s details, revealed that Modi had identified integrating India into world trade as a key priority area during recent talks with senior government officials.
While some of the objectives will be discussed on May 1, during the middle of India’s seven-phase election, the trade ministry and Modi’s office will make the final decision on the priorities. The election is set to commence on April 19, with vote-counting scheduled for June 4, as Modi seeks a rare third term in office.
A spokesperson for Britain’s department for business and trade confirmed that the two countries were “continuing to work towards an ambitious trade deal,” emphasizing that they would only sign a deal that is fair, balanced, and ultimately in the best interests of the British people and the economy. Both nations recently put their two-year-long negotiations on hold ahead of their respective elections, while reaffirming their commitment to a new pact aimed at doubling their trade by 2030.
In December, the trade ministers of India and Oman met and instructed their negotiators to conclude talks on a comprehensive pact, with the goal of expediting the signing of a deal. Trade between the two countries has more than doubled in the last two years, reaching $12.39 billion in the previous fiscal year.
As Modi charts a course for further economic growth in India, the successful completion of these trade agreements with Britain and Oman could play a significant role in shaping the country’s international trade relations and economic trajectory in the coming years.
