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FTA, investments on agenda during Omani ruler's visit
Mint Mumbai
|December 16, 2023
India and Oman are set to discuss the proposed bilateral free trade agreement (FTA), investment opportunities and cooperation in the education sector during Sultan Haitham Bin Tarik's state visit to New Delhi, according to persons aware of the matter.
The Omani ruler began his three-day state visit to India on Friday.
The two sides are in talks for a comprehensive economic partnership agreement, which is expected to vastly reduce or eliminate customs duties on most goods traded between them and which will likely receive a push from the sultan's visit.
This is Sultan Haitham Bin Tarik's first state visit to India since he ascended the throne in 2020. It is also the first visit by an Omani ruler to India since 1997.
"India can hope to radically increase its exports post FTA, as currently over 80% of its goods enter Oman at an average 5% import duties, and there are not many trade barriers," a report by think tank Global Trade Research Initiative said.
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