Indian goods worth $3.7 bn entering Oman; free trade agreement boost

New Delhi: Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement, a report said on Tuesday.

According to the – India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond – report, prepared by think tank Global trade Reproach Initiative (GTRI), these goods at present face a 5 per cent import duty in Oman.

India and Oman are negotiating a comprehensive economic partnership agreement (CEPA), under which the two countries could significantly reduce or eliminate customs duties on the maximum number of goods traded between them.

With the new trade agreement, these products, including major export items like motor gasoline (exports worth USD 1.7 billion), iron and steel products (exports worth USD 235 million), electronics (USD 135 million), machinery (USD 125 million), aluminium oxide (USD 126 million), textiles (USD 110 million), alumina calcined (USD 105 million), plastics (USD 64 million), boneless meat (USD 50 million), essential oils (USD 47 million), and motor cars (USD 28 million), will benefit from duty elimination, it said.