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Mineral fuels, inorganic chemical substances, compounds of valuable metals and iron and metal are India’s prime exports to Oman whereas oil, fertilisers and plastics are the highest imports.
Officers mentioned that the negotiations will probably be quick tracked and the pact may very well be on comparable traces because the one with the UAE. India’s exports to Oman in April-September FY24 had been $2 billion and imports had been $2.1 billion.
“Discussions have began and the settlement can be a complete one,” mentioned an official. The federal government has recognized petroleum merchandise, gems and jewelry, engineering merchandise, prescribed drugs, cement and ceramic merchandise, prepared made textiles, and footwear as some items with scope for extra commerce with Oman.
India might additionally push for quick monitoring the approval for Indian pharma merchandise which might be already registered by the US Meals and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Company, much like a provision in its commerce pact with the UAE. Each Oman and the UAE are a part of the Gulf Cooperation Council with which India goals to ink a commerce pact. In addition to responsibility concessions, the commerce and trade ministry can be analysing non-tariff boundaries and product-specific guidelines as a part of the India-Oman Complete Financial Partnership Settlement (CEPA) negotiations.
