India-Oman FTA: A free trade agreement was signed between India and Oman last Thursday. Under this, there will be no tax on 98 percent of the goods sent from India to Oman. There is a trade of 10.5 billion dollars between the two countries.
This Comprehensive Economic Partnership Agreement (CEPA), signed between India and Oman on December 18, is likely to be implemented within the next three months. This will obviously give a boost to industries ranging from textile to agricultural goods and leather. In particular, exports of jewelery from Surat, engineering goods from Pune, clothes from Tirupur and marine products from Visakhapatnam will get a boost in Oman.
‘Made in India’ shines in Oman
Under this agreement, IT professionals and other business service providers from states ranging from Karnataka to Tamil Nadu and Telangana will also get huge opportunities to increase exports in Oman. Apart from this, brass articles and metal handicrafts from Moradabad, leather footwear and saddlery from Kanpur-Agra, carpets and home textiles from Bhadohi-Mirzapur, value-added spices from Idukki/Wayanad, certain engineering and electronics products from Tirupati and leather footwear from Vellore-Ambur will get duty-free access.
Business worth billions of dollars will be boosted
Trade between India and Oman has increased in the last few years. Under CEPA, Oman has given zero-duty access to 98.08 percent of its products, which includes 99.38 percent of India’s exports to Oman.
In the financial year 2025, there was a trade of about $ 10.5 billion between the two countries, in which India’s exports to Oman were about $ 4 billion, while imports were about $ 6.5 billion. With the abolition of tariffs, all major labour-intensive sectors including gems and jewellery, textiles, leather, footwear, sporting goods, plastics, furniture, agricultural products, engineering goods, pharmaceuticals, medical devices and automobiles will completely benefit from the abolition of tariffs.
Goods will be sent from these states also
The products that will benefit under this agreement include meat (UP, Punjab, Haryana, Andhra Pradesh, Maharashtra, Bihar), eggs (Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra), sweet biscuits (Andhra Pradesh, Telangana, Punjab, Uttar Pradesh), sugar sweets (Karnataka, UP, Maharashtra), export of honey from Punjab, Haryana, UP, West Bengal, Rajasthan and north-eastern states will also get a big boost from this agreement.
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Big trade deal between India and Oman, likely to be implemented in three months, know which products will benefit
