Summary:

Discussions on the planned Free Trade Agreement (FTA) between India and Oman are proceeding, with both parties hopeful of reaching an agreement soon, according to Indian Ambassador to Oman Mr. Amit Narang. The Comprehensive Economic Partnership Agreement (CEPA) is projected to considerably increase bilateral trade and investment by removing tariffs on essential exports such as petroleum, textiles, electronics, medicines, equipment, and iron and steel.

He emphasised the possibility for improved direct shipping linkages between India and Oman, adding that many exports to Oman now go through the UAE, skewing trade data. Bilateral commerce, which topped $12 billion in 2022-23, fell to $8 billion in FY24 owing to hydrocarbon price changes. Improved transport lines might lower trade costs and boost numbers. Mr. Sunjay Sudhir, Indian Ambassador to the UAE, stated ambitions to strengthen ties with the GCC and pursue collaboration in AI, healthcare, and space technology.

Source: IBEF

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