India and Oman discuss FTA

  • December 19, 2023
  • News

India’s and Oman’s FTA will be a reality soon with duty concessions as both parties have begun talks. India exports Mineral fuels, inorganic chemicals, compounds of precious metals and iron and steel to Oman while the imports consist of oil, fertilisers and plastics.

According to the reports, the negotiations will be fast-tracked and the agreement could be similar to the one concluded with UAE. India’s exports to Oman in April-September FY24 were $2 billion and imports were $2.1 billion.
Based on the official information, the govt. has identified a few products that have scope for more trade with Oman. The list includes petroleum products, gems and jewellery, engineering products, pharmaceuticals, cement and ceramic products, ready-made textiles, and footwear.

India is planning to push for fast-tracking the approval of Indian pharma products that are already registered by the US Food and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Agency, similar to a provision in its trade agreement with the UAE.

Both Oman and the UAE are part of the Gulf Cooperation Council and India aims to ink a trade pact that includes duty concessions. The Commerce and Industry Ministry is looking at non-tariff barriers and product-specific rules as part of the India-Oman Comprehensive Economic Partnership Agreement (CEPA) negotiations.