While the trade deal with Oman was announced last year, discussions with the UK government were launched in January 2022. However both deals are at an advanced stage and are likely to come into force post the Lok Sabha elections.
India and Oman are close to concluding talks on a trade deal that will allow easier access to goods and services into each other's markets, sources said, further cementing the South Asian nation's presence in the Gulf region.
Outstanding issues include UK s reluctance over India s stand that British automakers have to increase utilisation of local components in their vehicles to 45% to get concessions from New Delhi
The investment treaty is being negotiated as a separate agreement between India and the UK. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22.
Indian Prime Minister Narendra Modi signed a trade corridor agreement during his visit to the United Arab Emirates as he met with Preisdent Sheikh Mohammed bin Zayed Al Nahyan.