India, Oman trade ministers discuss advancing FTA talks

New Delhi, Jan 27 (PTI) Trade ministers of India and Oman on Monday reviewed the progress of the proposed free trade agreement (FTA) between the two countries and focused on advancing negotiations on the agreement.

The agreement was discussed between Piyush Goyal, Minister of Commerce and Industry, and Qais Bin Mohammed Al Yousef, Oman’s Minister of Industry, Commerce, Industry and Investment Promotion.

“Our talks are focused on advancing negotiations on the Comprehensive Economic Partnership Agreement (CEPA), strengthening trade and investment ties and exploring avenues to further deepen our bilateral partnership,” Goyal said on X.

Goyal will address the joint committee meeting in Muscat, which will be held on January 28.

On January 14, India and Oman held the fifth round of negotiations on the agreement aimed at promoting bilateral economic ties.

Negotiations for the agreement, officially known as CEPA, begin in November 2023.

In such an agreement, the two trading partners either significantly reduce or eliminate customs regarding the maximum number of goods between them. They also simplify regulations to facilitate trade in services and attract investment.

Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries of India. India already has a similar agreement with another GCC member, the United Arab Emirates, which comes into effect in May 2022.

Bilateral trade fell to $8.94 billion ($4.42 billion in exports, $4.5 billion in imports) in 2023-24, from $12.39 billion ($4.47 billion in exports, $7.91 billion in imports) in 2022-23.

India’s major imports are petroleum products and urea. These account for more than 70% of imports. Other key products are propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel.