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Commerce Minister Piyush Goyal announced that India and Oman are nearing finalization of a free trade agreement (FTA), which started formal negotiations in November 2023 and gained momentum after his visit to Muscat in January.
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Goyal emphasized that the FTA would strengthen trade ties, ease customs duties, promote services, and attract investments, contributing to more predictable policies and stable business environments between India and Oman.
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Oman, India’s third-largest export destination in the GCC, already records a bilateral trade of approximately $10.5 billion, with key imports including petroleum, urea, propylene and ethylene polymers, pet coke, and steel products.
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Goyal clarified that FTAs operate independently of domestic reforms, but emphasized that the National Manufacturing Mission, announced in the Budget, will soon align national and state efforts to boost Indian manufacturing capacity and competitiveness.
Source: www.business-standard.com
