India-Oman free trade pact talks at advanced stage, says Ambassador Mr. Amit Narang

Discussions for the proposed Free Trade Agreement (FTA) between India and Oman are at an advanced stage, with both sides hopeful of concluding the pact soon, according to Indian Ambassador to Oman, Mr. Amit Narang. The agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA), is expected to significantly boost bilateral trade and investment by eliminating duties on key exports such as petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel. At a Ficci event, he emphasized that the CEPA would enhance trade and strengthen investment ties between the two nations.

He highlighted the potential for improving direct shipping links between India and Oman. He noted that many Indian exports to Oman currently pass through the UAE, which skews the India-Oman bilateral trade figures. He revealed that India-Oman bilateral trade, which crossed US$ 12 billion in 2022-23, has moderated to US$ 8 billion in FY24, primarily due to fluctuations in the value of hydrocarbons. He also pointed out the potential for reducing trade costs through enhanced direct shipping links, which could further improve bilateral trade figures. Indian Ambassador to the UAE, Mr. Sunjay Sudhir, added that India plans to upgrade its political engagement with the Gulf Cooperation Council (GCC) soon, highlighting opportunities for deeper cooperation in emerging sectors such as artificial intelligence, healthcare, and space technology.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.