India and Oman Close to Sealing Monumental FTA (Free Trade Agreement)

India and Oman Close to Sealing Monumental FTA (Free Trade Agreement)

VoM News Desk | December 27, 2023 | 10:25 AM IST | Asia, Breaking News, India, World | Follow on Google News

India and Oman Close to Sealing Monumental FTA (Free Trade Agreement)

India and Oman Close to Sealing Monumental FTA (Free Trade Agreement)

India and Oman are on the brink of finalizing a significant Free Trade Agreement (FTA) and are targeting its completion by January 2024.

Recent negotiations held in Muscat regarding the Comprehensive Economic Partnership Agreement (CEPA) have witnessed substantial advancements, with most chapters of the proposed FTA already garnering mutual agreement.

This progress signifies a major stride toward fostering an enriched trade and investment environment between both nations.

Fostering Stronger Relations and Economic Growth: The present bilateral trade volume between India and Oman stands at a robust $12.39 billion for the fiscal year 2022-23. With the impending FTA, this figure is expected to rise further. Indian exports to Oman have displayed an upward trajectory, a trend that the FTA aims to accelerate. The agreement is poised to invigorate several sectors, encompassing motor gasoline, iron and steel products, electronics, machinery, textiles, plastics, boneless meat, essential oils, and motor cars.

VoM News Desk

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