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From UAE to Oman: India Explores Similar Free Trade Agreement


India and Oman are reportedly in discussions to establish a free trade agreement, mirroring the UAE model. The negotiations aim to strengthen trade in identified sectors, marking a strategic move in India’s economic diplomacy. As of April-September 2023/24, India’s exports to Oman reached $2 billion, while imports stood at $2.1 billion. The talks are expected to result in a comprehensive free trade agreement, reflecting the shared interests of India and Oman in fostering stronger economic ties.

The Indian government has identified specific sectors with high potential for increased trade between the two nations, such as petroleum products, gems and jewellery, engineering products, pharmaceuticals, cement and ceramic products, ready-made textiles, and footwear. As of April-September 2023/24, India’s exports to Oman have reached $2 billion, while imports stand at $2.1 billion. These negotiations aim to further bolster these figures through a mutually beneficial trade agreement.

The model for the India-Oman free trade agreement is expected to draw from the successful Comprehensive Economic Partnership Agreement (CEPA) already in place with the UAE. The CEPA, active since May 2022, has proven instrumental in enhancing bilateral non-oil trade. From May 2022 to April 2023, bilateral non-oil trade between India and the UAE reached $50.5 billion, marking a 5.8% year-on-year increase.

India’s Commerce and Industry Minister Piyush Goyal highlighted the Gulf Cooperation Council’s interest in resuming negotiations on a free trade agreement with India, underscoring the growing economic collaboration between India and the Gulf nations. Negotiations for the India-Gulf Cooperation Council Free Trade Agreement (FTA) have a significant history, starting with the signing of a Framework Agreement on Economic Cooperation between India and the Gulf Cooperation Council in 2004. 

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