India's 99% exports to Oman to become duty-free

"The Comprehensive Economic Partnership Agreement will energise our ties in the 21st century.

- 

It will give new momentum to trade, investment and open new opportunities across different sectors. The youth of both nations will greatly benefit," the PM said.Goyal said the deal expanded Oman's commitment on services in key highgrowth sectors, and it ensured greater mobility for Indian professionals.

Officials said the deal would come into effect in three months, with the completion of Customs and the proceduralrelated formalities in the two countries. Under the deal, India's exports worth $3.64 billion, currently facing an import duty of 5 per cent in Oman, will move to zero per cent, according to calculations by the Department of Commerce.

The pact is set to benefit all major labour-intensive sectors that receive full tariff elimination. They include sectors such as gems and jewellery, textiles, leather, footwear, plastics, furniture, agricultural products, engineering products, pharmaceuticals, medical devices, and automobiles.

During FY25, India exported goods worth $4.1 billion to the West Asian nation and imported stuff worth $6.6 billion, leading to a trade deficit of $2.5 billion.