PNN – After the imposition of U.S. tariffs, India signed a joint economic agreement with Oman as part of efforts to diversify its economy and pivot toward the Middle East.
According to the report of Pakistan News Network, citing the Oman News Agency, reported that the Sultanate of Oman and India signed a joint economic agreement aimed at strengthening trade and investment cooperation and facilitating the flow of goods and services between the two countries.
According to the report, the agreement was signed to enhance trade and investment cooperation between the two sides, facilitate the smooth flow of goods and services, and establish a strategic framework based on the vision of bilateral cooperation.
Indian Prime Minister Narendra Modi said today in a speech in Oman: This agreement will give new momentum to our trade, provide greater confidence in Indian investments, and open doors to new opportunities across many sectors.
Reuters reported that this agreement is India’s second deal this year after an agreement with the United Kingdom and will help Indian goods find new markets.
India’s efforts to diversify consumer markets for exporting its goods come after tariffs were imposed on Indian products by U.S. President Donald Trump.
In late August, Trump raised customs tariffs on Indian goods to 50 percent, the highest level of tariffs imposed anywhere in the world. This move came after India expressed its willingness to purchase Russian oil to meet its needs and proceeded to buy oil from Russia.