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Indian updates
India-Oman Comprehensive Economic Partnership Agreement (CEPA) Agreement enters into force
The India Oman CEPA has come into force from 1st June 2026. The agreement was signed by both parties on 18th December 2025. Pursuant to the enforcement, Oman has offered zero duty on 98.08% of its tariff lines and India is set to offer duty reduction on 77.79% of its tariff lines. The Agreement will provide a boost to the marine exports from India, benefiting the coastal states of the country. India also gains duty free access on its Gems and Jewellery products. Oman has also offered Indian pharmaceuticals products and electronics zero duty market access which will allow Indian business competitive advantage over many European counterparts. Oman has also protected its sensitive sectors such as cigarettes, tobacco, and alcohol. India has reserved 2,700 tariff lines under its exclusion list including sectors such as transport equipment, major chemicals, chocolates, cereals, dairy products, oilseeds, fruits and vegetables, spices, coffee and tea, and animal origin products. India has also put in place a Tariff Rate Quota (TRQ) for imports of marble, dates, petrochemicals, and plastics. The Agreement allows India 100% foreign direct investments in the service sectors in Oman.
India and Canada hold the trade negotiations for finalisation of the Comprehensive Economic Partnership Agreement
The Indian Minister of Commerce and Industry met with the Canadian Prime Minister to expedite the trade negotiations for the CEPA. Both the parties recognised the importance of bilateral partnership and have announced that a finalised CEPA is expected by December 2026.
India and South Korea hold 12th round of trade negotiations for the review of the India-Korea Comprehensive Economic Partnership Agreement
India and South Korea have completed the 12th round of negotiations for the revision of the India-Korea CEPA. The CEPA was signed in 2009 and came into effect from January 2010. The negotiations have been initiated in the backdrop of the growing trade deficit in favour of Korea. India has also raised concerns over the non-tariff barriers imposed by South Korea which have not allowed the Indian businesses to penetrate Korea’s market effectively. The negotiations aim to focus on such contemporary issues faced by both parties.
Global Updates
United Kingdom and Gulf Cooperation Council sign a free trade agreement
The United Kingdom has signed a free trade agreement with the Gulf Cooperation Council (GCC), covering Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. This marks the first such agreement between the GCC and a G7 country. Under the agreement, GCC has committed to liberalise 90% of its tariff lines in the span of 10 years after entry into force. This aims to significantly boost the UK’s automobile, food and beverage and electronics exports to GCC. The agreement also aims to strengthen market access, reduce trade barriers and investment opportunities across high-growth sectors in the UK. The deal prioritises sectors such as advanced manufacturing, clean energy, digital trade and financial services, while offering enhanced support for SMEs.
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