India-Oman Trade Talks: A Step Towards Economic Growth
India and Oman are engaged in negotiations for a Comprehensive Economic Partnership Agreement to enhance bilateral trade. With Oman being a key export market for India in the GCC, the agreement aims to boost Indian exports worth USD 3.7 billion, while reducing import duties and fostering mutual economic ties.
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- India
India and Oman have initiated the fifth round of talks for a proposed free trade agreement, aiming to strengthen bilateral economic ties, officials announced on Tuesday.
The discussions, which began on January 13, focus on the Comprehensive Economic Partnership Agreement (CEPA) that started in November 2023. Oman, a significant export market among the Gulf Cooperation Council (GCC) countries, ranks third in this region.
According to the Global Trade Research Institute (GTRI), a successful agreement could see Indian exports, including gasoline and electronics, rise by USD 3.7 billion in Oman. Such agreements typically involve reducing customs duties on traded goods, promoting trade services, and attracting investments.
(With inputs from agencies.)
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