India Advances Trade Deals Amid Global Shifts

India’s trade diplomacy is witnessing significant developments as officials announced progress on multiple fronts. The India-Oman trade deal has been completed and is expected to be signed soon, strengthening bilateral economic ties. Meanwhile, talks with the United States are close to a framework agreement, though no timeline has been provided.  

Key highlights from the announcement include  

• India-Oman trade deal finalized and awaiting formal signing.  
• India-US discussions progressing toward a framework trade agreement, with timelines yet to be confirmed.  
• Mexico’s recent tariff hikes on a Most Favored Nation (MFN) basis are expected to impact Indian exports worth $2 billion, particularly in automobiles, auto parts, textiles, steel, and iron.  
• India has proposed a preferential trade agreement with Mexico to mitigate the impact, with both sides agreeing to pursue negotiations promptly.  
• Officials clarified Mexico’s primary target was not Indian exports, but India remains proactive in safeguarding its trade interests.  
• India is exploring opportunities to expand shipments to Russia, especially in automobiles and pharmaceuticals, to diversify export markets.  

These developments underscore India’s proactive trade strategy, balancing challenges from tariff hikes with new opportunities in emerging markets. The focus remains on securing long-term growth through diversified partnerships and resilient trade frameworks.  

Sources: Reuters, Economic Times, Business Standard, Mint