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Indian Updates
India and Oman sign the Comprehensive Economic Partnership Agreement
On 18th December 2025, India and Oman signed the Comprehensive Economic Partnership Agreement. Pursuant to the finalisation of the Agreement, Oman has committed to offer zero duty for 98.08% of its tariff lines and India has offered duty reduction on 77.79% of its tariff lines. 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. Oman has also protected its sensitive sectors such as cigarettes, tobacco, and alcohol. Further, India has also put in place a tariff rate quota (TRQ) for imports of marble, dates, petrochemicals, and plastics. The Agreement has also ensured greater market access for services including transfer of professionals in accountancy, taxation, architecture, medical and allied services, as well as social security for such professionals. The Agreement allows India 100% foreign direct investments in the service sectors in Oman.
India and New Zealand conclude Free Trade Agreement negotiations
India and New Zealand have concluded negotiations for the Free Trade Agreement, following the final round of negotiations. The agreement provides zero-duty access to 100% of Indian exports to New Zealand and aims to double bilateral trade within five years. India has offered duty reduction for 70.03% of its tariff lines with immediate elimination of duty on 30% of tariff lines including wood, wool, sheep meat, and leather-raw hides. India has reserved dairy products, vegetables and animal products, arms, gems and jewellery, copper and aluminium products outside the scope of the agreement. India has also imposed tariff rate quotas on honey, apples, kiwi fruit, and albumins from New Zealand. New Zealand has opened trade in ayurveda, yoga, and other traditional medicine services promoting the AYUSH system and medical value travel.
India and Israel sign Terms of Reference to begin trade agreement negotiations
India and Israel have signed the Terms of Reference to commence negotiations for a Free Trade Agreement, marking a significant advancement in bilateral economic ties. The proposed agreement aims to reduce tariff and non-tariff barriers, streamline regulatory approvals, and foster technology transfer. The agreement shall reportedly strengthen cooperation in areas such as artificial intelligence, agricultural technology, cybersecurity, pharmaceuticals, defence, space, and digital services. The agreement will also ensure deeper market access and investment flows. Indian businesses have been encouraged to explore opportunities in Israeli infrastructure projects, including the proposed Tel Aviv metro project.
Global Updates
The United Kingdom and South Korea reach an agreement in principle on a Free Trade Agreement
On 15th December 2025, the United Kingdom and South Korea concluded negotiations for an upgraded Free Trade Agreement. The proposed agreement builds on the 2021 agreement which was signed pursuant to Brexit. The agreement imposes zero duty on Korean imports under 98% of tariff lines and also provides enhanced market access to British automobile manufacturers in the South Korean market.
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