Talks on free trade agreement with Oman continue, India did not ask for concessions on these products

Talks are going on between India and Oman regarding the Free Trade Agreement (FTA). According to media reports, India has not asked for concessions from Oman regarding duty on more than 100 products under this deal. Although the talks on FTA between the two countries are almost over, Oman has sought amendments in the proposal for some products.

Under the FTA between India and Oman, Indian products will get access to Oman's market. Along with this, India will also get access to Oman's service sector. Now only three-four issues are to be discussed and there is little hope of any major change. An official said that talks are going on about about 125-130 product categories. We have not asked for duty concessions. The products being discussed include products like liquor and cigarettes. The fifth round of talks took place between the two countries on January 14.

The free trade agreement between India and Oman is being termed as a Comprehensive Economic Partnership Agreement. The talks on this formally started in November 2023. Import duty of Oman ranges from 0 to 100 percent, as well as specific duties are also there. Oman is demanding a concession in duty on the petrochemical products of India. However, the petrochemical industry of India is appealing not to give concession on duty. Indian industries contend that conceding on petrochemical products before Oman will result in flooding the Indian market with Omani products. Having an adverse impact on Indian industry, Oman is the third largest export destination in the Gulf Cooperation Council (GCC) countries. According to the think tank GTRI (Global Trade Research Institute), Indian goods worth US$ 3.7 billion such as iron and steel, electronics, and machinery will get a boost in Oman.