Discussions for proposed FTA between India, Oman at advanced stage: Amit Narang
Indian Ambassador to Oman Amit Narang has said that discussions for the proposed free trade agreement (FTA) between India and Oman are at an advanced stage and both sides hope to conclude the pact early. He said the pact, officially known as the Comprehensive Economic Partnership Agreement (CEPA), will give a significant push to bilateral trade and investment ties between the two countries. Also, the pact is expected to boost Indian exports to the west Asian country by eliminating duties, especially on petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel.
The Indian Ambassador to Oman also highlighted the significant potential for enhancing direct shipping links between the two nations as a large part of Indian exports to Oman come not directly but through the UAE. He said the India-Oman bilateral trade, which crossed $12 billion in 2022-23, has moderated and settled at $8 billion in FY24. He noted that moderation is mainly on account of over dominance of hydrocarbons in the bilateral trade.
He further said India imports a lot of oil and fertilisers from Oman and this decline in the value terms of the trade this year is a reflection of the decline in values of these two commodities globally. He pointed out that a large part of Indian exports to Oman come not directly but through the UAE and these are not reflected in the India-Oman bilateral trade but in India's trade with the UAE, adding that there is potential for enhancing direct shipping links.
