India and the UK signed the Comprehensive Economic and Trade Agreement (CETA), under which 99 per cent of Indian exports will enter the British market at zero duty, while tariffs on British products, such as cars and whisky, will be reduced in India.
“We expect the free trade agreement related to UK to come into operation in May sometime. We are yet to finalize the date because there are certain discussions on their (UK) side also,” he told reporters here.
He also expressed hope that FTA with Oman would come into force by June 1.
India and Oman signed an FTA in December last year. It will provide duty- free access to 98 per cent of India’s exports including textiles, agri and leather goods in Oman.
On the other hand, India will reduce tariffs on Omanese products such as dates, marbles and petrochemical items.
“We also expect our FTA with New Zealand to be signed on April 27,” he said.The two countries had announced the conclusion of negotiations for the trade deal on December 22 last year, with the goal of doubling bilateral trade to USD 5 billion over the next five years.
The pact would provide tariff-free access for Indian goods in the New Zealand market and attract up to USD 20 billion in investment over the next 15 years.
Further, he said that the “mother of all trade deals” – the India-EU FTA – is expected to be signed within this calendar year.
“We will try to get it into operation before the end of this financial year. That is the ambition with which we are working,” the secretary said.
Once all these pacts come into operation, Indian businesses will see an increased opportunity for exports.
On the proposed trade pact with Canada, the secretary said the next round of negotiations will be held here in May.