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India and Oman formalize trade pact during Modi's visit to deepen economic and strategic ties, marking the 14th India-Oman Strategic Consultative Group session.
- On Thursday , India and Oman will sign a free trade agreement in Muscat with Prime Minister Narendra Modi, Piyush Goyal, Commerce and Industry Minister, and Rajesh Agrawal, Commerce Secretary, attending.
- After GCC talks faltered, New Delhi sought a deal amid rising US and EU trade restrictions and exporters' push for easier Arab market access, with talks beginning in November 2023 and concluding this year.
- Commercial ties include more than 6,000 India-Oman joint ventures and significant Indian investment in Sohar and Salalah free zones, while over 80 per cent of Indian goods enter Oman at an average tariff of around 5 per cent, reaching 100 per cent on some items.
- Tariff changes mean improved competitiveness for Indian industrial exporters, but analysts caution the pact could widen India's trade deficit, mirroring the UAE deal's threefold deficit increase.
- As a regional hub, Oman’s 2009 FTA with the United States and duty-free access boost Indian exports to Africa and may streamline pharmaceutical product approvals following the UAE deal.
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How Oman deal adds heft to India’s West Asia trade strategy amid rising trade curbs in the West
India Oman trade deal, Oman trade agreement news: New Delhi’s trade deal with Oman will be its second trade pact in the West Asian region after the UAE, which was signed in 2022. Here's why it matters.
·India
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India-Oman trade agreement: Two countries sign FTA to deepen economic engagement
India and Oman have signed a Comprehensive Economic Partnership Agreement. This pact aims to significantly boost economic ties between the two nations. The agreement was signed in Muscat during Prime Minister Narendra Modi's visit. It is expected to enhance trade and investment. This partnership strengthens India's economic presence in the Middle East region.
·India
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Total News Sources15
Leaning Left1Leaning Right3Center3Last UpdatedBias Distribution43% Center, 43% Right
Bias Distribution
- 43% of the sources are Center, 43% of the sources lean Right
43% Right
14%
C 43%
R 43%
Factuality
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