India, Oman start talks for free trade agreement: Report
Zawya | 6 December 2023
India, Oman start talks for free trade agreement: Report
The negotiations will be fast-tracked and may be similar to the one with the UAE, say officials
India and Oman have commenced talks for a free trade agreement, according to an Indian media report.
The negotiations will be fast tracked and the pact could be on similar lines as the one with the UAE, Economic Times, an Indian financial daily, reported, citing unnamed officials.
"Discussions have started and the agreement would be a comprehensive one," said an official.
The government has identified petroleum products, gems and jewellery, engineering products, pharmaceuticals, cement and ceramic products, ready-made textiles, and footwear as some goods with scope for more trade with Oman.
India’s exports to Oman in April-September 2023/24 reached $2 billion, while imports stood at $2.1 billion, the newspaper reported.
India has already signed a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which came into force in May 2022.
Bilateral non-oil trade reached $50.5 billion from May 2022 to April 2023 - the first 12 months of the CEPA - rising 5.8% year-on-year.
In August, India’s Commerce and Industry Minister Piyush Goyal said the six-nation Gulf Cooperation Council (GCC) is seeking to restart negotiations on a free trade agreement with India.
