New Delhi: India is soon to announce a free trade agreement with Oman, which it had previously proposed. The authorities are working on concluding and signing, along with translating the trade pact into Arabic.
According to an official, “Both countries have in principle decided to announce the conclusion and signing together. It will take less than two months.”
The talks, termed officially by both countries as the Comprehensive Economic Partnership Agreement (CEPA), started in November 2023.
As a result of the agreement, both countries may significantly reduce or eliminate customs duties on a large number of goods. This is expected to promote trade in services and attract investments.
Oman is India’s third-largest export destination among the Gulf Cooperation Council (GCC) countries. Presently, India has a similar agreement with the UAE, another GCC member, which came into effect in May 2022.
India primarily purchases petroleum products and urea, which account for over 70 per cent of imports. Apart from these, India also imports propylene and ethylene polymers, gypsum, pet coke, chemicals and iron and steel.
