India is not seeking customs duty concessions on over 100 product categories such as liquor, and cigarette in the proposed free trade agreement (FTA), which is under negotiations between the two countries, sources said. They also said that though the FTA negotiations were concluded, Oman has sought revision of its market access offers on some products. The two sides have discussed three to four issues flagged by Oman, and any potential changes would be minimal, they said. India is expected to gain greater market access for about 98 per cent of its goods in Oman, along with significant access to the services sector. "There could be about 125-130 tariff lines (or product categories), where we have not asked for duty concessions and that included goods like liquor, and cigarettes," they added. On January 14, India and Oman held the fifth round of talks for the agreement, which is aimed at boosting bilateral economic ties. The negotiations for the agreement, officially dubbed as ...
India and Oman are looking at sealing a broad trade and investment pact this year that will cut tariffs on each other's goods and boost the overall trade basket in line with renewed vigour in the relations, especially in the economic sphere. The negotiations for a comprehensive economic partnership agreement (CEPA) gained new momentum after Oman's Sultan Haitham bin Tarik travelled to India over a year back. Omani Commerce Minister Qais bin Mohammad Al-Yousef told PTI that Muscat is hopeful of concluding the ambitious trade pact with India this year, which is expected to significantly expand the two-way trade and investment ties between the two countries. There has been a major upswing in economic ties between the two countries in the last few years with India emerging as one of the top trading partners of Oman. India was the fourth largest market for Oman's crude oil exports for the year 2023 after South Korea. India was also the third largest market for Oman's non-oil exports in
India and Oman are holding the fifth round of talks for a proposed free trade agreement here to boost bilateral economic ties, an official said on Tuesday. The two-day talks started on January 13, the official said. The negotiations for the agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries. According to the think tank GTRI (Global Trade Research Institute), Indian goods worth USD 3.7 billion like gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement. Currently, over 80 per cent of its goods enter Oman at an average of 5 per cent import duties, a GTRI report has said. Oman's import duty ranges from 0 to 100 per cent, along with the existence of specific duties. A duty of 100 per cent is applicable on specific meats, wines and
He added that Oman is particularly well-known in the Indian market as a popular wedding destination
Government officials said that the negotiations were completed earlier in March and revising India's offer would mean restarting inter-ministerial consultations to firm up India's revised stance
Oman has emerged as a favourite destination for Indian tourists, with their number rising to more than 6 lakh last year, an increase of 70 per cent over the previous year, according to Azzan Qassim Al Busaidi, Undersecretary of the Oman Ministry of Heritage and Tourism. We hope to surpass the number this year, Al Busaidi told PTI in Mumbai on Thursday. The closeness and proximity between Oman and India makes one feel almost at home, he added. This momentum shows no signs of slowing, with the first five months of 2024 already seeing a 15 per cent increase in arrivals, he said. India is Oman's largest tourism market beyond the Gulf Co-operation Council countries, he said. Of the 40 lakh tourists who visited Oman last year, 6.25 lakh were from India, Al Busaidi said. Adventure tourism is a growing segment for tourists in Oman, he said. Tourism is one of the five focus areas for Oman as a part of its Vision 2040 plan, he added. We are now seeing more diversity in segments of ...
Oman is seeking duty concessions on petrochemical products such as polypropylene and polyethylene, used primarily in the plastics industry
This free trade agreement with Oman will mark the first significant bilateral deal of Modi's third term as Prime Minister of India
The two sides started talks on the trade pact just three months ago, and their haste in completing the deal shows Prime Minister Modi's determination in building stronger links with the Middle East
The next round of talks for the proposed free trade agreement (FTA) between India and Oman will start from January 16 and the negotiations for the pact are progressing well, a senior official said on Tuesday. The talks on the text of most of the chapters have been concluded by both sides for the pact, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA). "The negotiations are progressing well. Two rounds of in-person negotiations and many inter-sessional meetings have already been held. Good progress has been made on all the chapters covered under the CEPA," the official said. On certain media reports that the talks may get delayed, the official said that any talk of hindrances or bottlenecks is "speculative and presumptuous" as the negotiating process is currently underway. Currently, both sides are working towards conclusion of the negotiations with an objective of delivering a mutually beneficial agreement contributing to the welfare and development of the .
Customs duty concession demand on petrochemical products such as polypropylene and polyethylene, used primarily in the plastics industry, may act as a sticking point in the early conclusion of talks for the proposed free-trade agreement (FTA) between India and Oman, according to an official. Negotiations for the pact, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA), are in the last phase. Certain domestic players from both public and private sectors are opposing duty concessions on these products under the agreement. They are claiming that Oman provides huge subsidies to its industry on raw materials for the production of these petrochemical products. According to them, if India would give duty concessions on these already subsidised products, it would be a double advantage for Omani firms. The government official said that they are holding talks with domestic players on the issue. Officials of the two countries concluded the second round of talks for th
The negotiations for the proposed free trade agreement (FTA) between India and Oman are moving at a fast pace and the pact is likely to be signed next month, a senior government official said. Officials of the two countries concluded the second round of talks for the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) earlier this month in Muscat. "With Oman, there is a very good progress and both sides are very eager to conclude this deal. It may be signed in January 2024," the official said. The negotiations on the text of most of the chapters have been concluded by both sides. Oman is India's third-largest export destination among the Gulf Cooperation Council (GCC) countries. The pact would help increase exports from India post the free trade agreement, as currently over 80 per cent of its goods enter Oman at an average 5 per cent import duties, and there are not many trade barriers. According to think tank GTRI's (Global Trade Research Initiative) ..
PM Modi and President Droupadi Murmu received the Sultan at the Rashtrapati Bhawan. Sultan Haitham bin Tarik then inspected a Guard of Honour by the combined defence services
Kwatra underscored the significance of Oman's successful participation as a special guest country in the G20 during India's presidency, particularly at the G20 summit in September
Earlier in the day, Prime Minister Narendra Modi held delegation-level talks with the Sultan of Oman, Haitham bin Tarik, at Hyderabad House in New Delhi
The fourth edition of Indo-Oman joint training exercise 'Al Najah', with a focus on counter-terrorism, regional security, and peacekeeping operations, was concluded on Saturday in Bikaner
India and Oman on Monday began a five-day air combat exercise in Jodhpur, in reflection of growing bilateral military cooperation.
India and Oman have agreed to expedite their internal procedures for signing and ratification of a protocol to amend the bilateral double taxation agreement
India on Monday observed a day of state mourning over the death of Qaboos. He died on Friday at the age of 79
Oman Sultan Qaboos bin Said Al Said passed away on January 10 at the age of 79