NEW DELHI, Jan 27: On Monday, the trade ministers of India and Oman conducted a review of the ongoing negotiations concerning the proposed free trade agreement (FTA) between their nations, with an emphasis on accelerating the discussions for the pact.
The discourse took place between Piyush Goyal, Minister of Commerce and Industry in India, and Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, in Muscat.
“We concentrated our discussions on moving forward with the negotiations for the Comprehensive Economic Partnership Agreement (CEPA), enhancing trade and investment relations, and seeking new avenues to further enrich our bilateral cooperation,” Goyal noted on X.
Goyal is visiting Muscat for the upcoming Joint Commission Meeting scheduled for January 28.
Previously, on January 14, India and Oman engaged in the fifth round of discussions regarding the agreement, which aims to strengthen bilateral economic connections.
The formal negotiations for the CEPA initiative commenced in November 2023.
Such agreements typically involve trading partners either significantly lowering or altogether removing customs duties on the majority of goods exchanged. Additionally, they simplify regulations to promote service trade and attract investments.
Oman ranks as the third largest export market for India among the Gulf Cooperation Council (GCC) nations. India has a similar arrangement with the UAE, another GCC member, which took effect in May 2022.
Bilateral trade has decreased to USD 8.94 billion (with exports at USD 4.42 billion and imports at USD 4.5 billion) for 2023-24, down from USD 12.39 billion in 2022-23 (exports at USD 4.47 billion and imports at USD 7.91 billion).
Key imports from India include petroleum products and urea, making up over 70 percent of total imports. Other significant items consist of propylene and ethylene polymers, pet coke, gypsum, various chemicals, and iron and steel. (PTI)
