New Delhi: India and Oman will endeavour to implement the India-Oman free trade agreement, signed on December 18, within the next three months, Commerce and Industry Minister Piyush Goyal said on Friday.
Under the Comprehensive Economic Partnership Agreement (CEPA), Oman has offered zero-duty access on over 98 of its tariff lines or product categories, covering 99.38 per cent of India’s exports to the Gulf country.
All major labour-intensive sectors, including gems and jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering products, pharmaceuticals, medical devices, and automobiles, will attract nil duty.
India and Oman signed the Comprehensive Economic Partnership Agreement (CEPA) on December 18, the second day of Prime Minister Narendra Modi’s visit to the Gulf nation.
On the other hand, India is offering duty concessions on 77.79 per cent of its total tariff lines (12,556), which covers 94.81 per cent of India’s imports from Oman by value.
The Oman-US trade deal was finalised in 2006, but was implemented in January 2009. “The Oman minister and I have discussed that this agreement, we will try to operationalise within three months,” Goyal told reporters here.
