India’s Strategic Trade Agenda: Prioritizing Deals with Britain and Oman in Modi’s Probable Third Term

As India braces for upcoming elections with Prime Minister Narendra Modi eyeing a potential third term, the government is already charting out an ambitious roadmap for economic growth, with a particular emphasis on trade agreements. According to two government sources familiar with the matter, Modi’s administration is poised to fast-track the completion of free trade deals with Britain and Oman within the initial 100 days of the next government’s tenure, should the polls validate the prevailing predictions.

Under Modi’s directive, various ministries have been tasked with formulating comprehensive annual goals for the next five years, encapsulated within a dynamic 100-day action plan. Foremost among these objectives, the Ministry of Commerce aims to spotlight the imminent trade agreements with Britain and Oman, both of which are currently in advanced negotiation stages, the sources disclosed on condition of anonymity due to the sensitivity of the matter.

Modi’s recent discussions underscored the paramount importance of integrating India into the global trade arena, signaling a strategic pivot towards bolstering international economic engagements, as evidenced by a document obtained by Reuters.

Crucial deliberations on these objectives are slated for May 1, a pivotal juncture coinciding with India’s multi-phase elections commencing on April 19 and culminating in vote-counting on June 4, wherein Modi will seek an unprecedented third term.

While neither the trade ministry nor Modi’s office has offered official commentary on the prioritization strategy, a spokesperson from Britain’s Department for Business and Trade affirmed ongoing efforts towards forging an ambitious trade accord with India. Emphasizing the commitment to ensuring a fair and mutually beneficial agreement, the spokesperson asserted that any deal would be meticulously crafted to serve the best interests of both nations.

In the lead-up to India’s elections, negotiations between India and Britain encountered a temporary halt, notwithstanding reaffirmations of mutual dedication towards augmenting bilateral trade. Similarly, discussions between India and Oman, aimed at finalizing a comprehensive pact, gained momentum following a meeting between the respective trade ministers in December.

Trade volumes between India and Oman have witnessed a remarkable surge, surpassing $12.39 billion in the last fiscal year, indicative of burgeoning economic ties between the two nations.

Despite the optimism surrounding these prospective trade agreements, challenges persist, necessitating diligent negotiation and strategic maneuvering. However, with Modi’s administration poised to embark on its probable third term, the pursuit of robust trade partnerships remains a linchpin of India’s economic trajectory, promising manifold benefits for both domestic prosperity and global engagement.