Negotiations for India-Oman trade pact concluded, says govt

Minister of State for Commerce and Industry Jitin Prasada said India has signed 15 FTAs and six preferential trade agreements to date

- OUR CORRESPONDENT

NEW DELHI: The government on Tuesday said negotiations for India-Oman comprehensive free trade agreement (FTA), which would help boost bilateral trade and investments, have been concluded.

In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said India has signed 15 free trade agreements (FTAs) and six preferential trade agreements to date.

"Negotiations for India-Oman Comprehensive Economic Partnership Agreement (CEPA) have been concluded," he said.

The talks for the agreement, officially termed as CEPA, formally began in November 2023.

In such agreements, 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.