US-Iran Peace Talks Progress; India-Oman Deal to Ease Critical Imports

June

2026

8 Jun marked the 100^th day of the war between Israel-US and Iran. While a general ceasefire was extended for the fourth time, Iran and Israel attacked each other again. The US President Donald Trump immediately intervened and asked Iran and Israel to stop hostilities. President Trump also said, ‘final negotiations on ‘Peace’ are proceeding.’ On the same day, Yemen’s Houthi rebels declared a 'complete and total ban on Israeli maritime navigation' in the Red Sea, threatening a key bypass route to the Strait of Hormuz. Meanwhile, the India-Oman Comprehensive Economic Partnership Agreement (CEPA) —bilateral free trade and investment pact—officially entered into force on 1 Jun. CEPA solidifies India’s access to vital Omani imports, including crude oil, Liquefied Natural Gas, fertilizers, and ammonia. India is also accelerating a long-pending investment in Canada to secure fertilizer supplies amid growing concerns over disruptions triggered by the West Asia war. The move is aimed at securing long-term supplies of Muriate of Potash, a key fertilizer nutrient for which India is entirely dependent on imports. The move assumes urgency because paddy sowing has started and domestic demand for fertilizers, including from Panjab, is high. Concurrently, the Panjab government has not yet responded to the call for a reduction in Value Added Tax for diesel, which affects farmers adversely. India has also scrapped customs duties on cotton imports for five months to boost supplies of contamination-free natural fiber for textile exporters amid strong overseas demand for yarn. Simultaneously, US Secretary of State Marco Rubio has renewed pressure on New Delhi over its purchases of Russian oil, telling the US Congress that the Trump administration wants to end ‘as soon as possible’ sanctions, waivers, and special arrangements that have allowed countries such as India to import Russian oil. Alongside, amid the ongoing India-US trade deal talks, the Office of the United States Trade Representative (USTR) has named India among the countries that have unfair trade practices. The USTR has proposed imposing additional tariffs ranging from 10–12.5% on imports from affected countries. The USTR released the outcome of 60 investigations conducted under the US Trade Act of 1974 Section 301, identifying India among 54 economies that do not have adequate measures in place to effectively prevent the import of goods produced using forced labor (earlier coverage).