Oman and India to Sign Free Trade Agreement by the End of 2024

Oman and India will soon sign a Free Trade Agreement (FTA). This move is part of Prime Minister Narendra Modi’s 100-day plan to increase exports to $2 trillion by 2030, up from the $776 billion recorded in the fiscal year ending in March 2024. The agreement will play a significant role in strengthening trade relations between the two countries and boosting bilateral trade volume.

Progress in Oman-India Comprehensive Economic Agreement Negotiations

According to DH, negotiations over the Oman-India Comprehensive Economic Partnership Agreement (CEPA) are nearly complete, and the agreement is expected to be signed in the coming months. The agreement aims to reduce or eliminate tariffs on key products, including textiles, electronics, pharmaceuticals, machinery, iron and steel, and petroleum products. Labor mobility issues are also part of the negotiations, which could create more opportunities for the workforce present in Oman.

India’s Ministry of Commerce and Industry is drafting a standard operating procedure (SOP) to coordinate and expedite free trade negotiations. Senior officials and former negotiators recently met to discuss these SOPs. These guidelines could help facilitate and accelerate the negotiation process between Oman and India.

It is worth noting that India has prioritized free trade agreement negotiations with Europe and is also pursuing agreements with Peru, New Zealand, and Saudi Arabia. Currently, the agreement with the United Kingdom is on hold due to the anticipated defeat of Prime Minister Rishi Sunak’s Conservative Party in the upcoming British elections.

Source: Oman and India to Sign Free Trade Agreement Soon (deccanherald.com)