India-Oman Free Trade Agreement Talks Near Completion

Oman, 28 August, 2024 : Negotiations for the India-Oman free trade agreement (FTA), officially known as the Comprehensive Economic Partnership Agreement (CEPA), are in an advanced stage, Indian Ambassador to Oman, H E Amit Narang, announced on Tuesday. The agreement is expected to boost bilateral trade and investment significantly.

Addressing an event organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) in New Delhi, H E Narang expressed optimism about finalizing the pact soon. He highlighted the potential for improving direct shipping links between the two countries, noting that a large portion of Indian exports to Oman currently pass through the UAE, affecting trade statistics.

India-Oman bilateral trade exceeded $12 billion in the 2022-23 financial year but moderated to $8 billion in 2023-24, primarily due to fluctuations in oil and fertilizer prices. Narang emphasized the need for enhanced direct shipping links to lower trade costs and improve trade figures. Oman is India’s third-largest export destination among GCC countries, and India already has a trade agreement with the UAE, effective from May 2022.

Source : www.zawya.com