India Eyes West Asia, Europe Markets to Counter US Tariffs on Labour-Intensive Exports

• India is actively exploring new markets in West Asia and Europe for labour-intensive products to mitigate the impact of 50% tariffs imposed by the United States.
• Negotiations for a Free Trade Agreement (FTA) with the European Union (EU) are progressing well, with the EU's import basket for Indian labour-intensive products mirroring that of the US.
• FTAs with the European Free Trade Association (EFTA) and the UK are expected to be implemented soon, opening new avenues for Indian exports.
• An FTA with Oman is anticipated within three months, following legal vetting, and a Bilateral Investment Treaty (BIT) is under negotiation with Saudi Arabia.
• India aims to secure guarantees for its workers in Oman and freeze the 'Omanisation' policy in the FTA, while the Indian industry opposes duty concessions for Oman's petrochemical products.