Oman's Council gives its nod for trade pact with India
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New Delhi: With Oman's lower house, the Shura Council, approving the free trade agreement with India, the Union Cabinet is expected to take up the pact for its consideration here on Friday, sources said.
The talks for the agreement, officially termed as CEPA (Comprehensive Economic Partnership Agreement), formally began in November 2023. The negotiations concluded this year. In such an agreement, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments.
Oman is the third-largest export destination for India among the Gulf Cooperation Council (GCC) countries. India already has a similar agreement with another GCC member, the UAE, which came into effect in May 2022.
The commerce ministry on Wednesday stated that following approval of the competent authority, the Draft Cabinet Note for signing and ratification was circulated to relevant Ministries. Both sides are now in the process of securing internal approvals.
In India, FTAs are cleared by the Union Cabinet.
The Shura Council or Majlis A'Shura on Wednesday concluded its deliberations on the draft CEPA.
At the conclusion of the deliberations, the Council approved the agreement. The Consultative Council is the democratically elected lower house of Oman.
