India-Oman free commerce settlement: India-Oman free commerce settlement to assist enhance attire exports: AEPC
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The Attire Export Promotion Council (AEPC) stated that the swift motion in the direction of CEPA is encouraging and can be a recreation changer for India- Oman bilateral commerce.
The bilateral commerce between the 2 international locations stood at USD 12.39 billion in 2022-23, up from USD 9.99 billion within the earlier yr.
“The RMG (readymade clothes) exports to Oman grew from USD 13 million in 2020 to USD 28 million in 2021. The customs responsibility in Oman is 5 per cent on RMG merchandise. Although it’s a small market however has immense potential to develop as soon as tariff is eradicated post-FTA and can be one other doorway to GCC international locations,” AEPC Secretary Common Mithileshwar Thakur stated.
The Gulf Cooperation Council (GCC) is a union of six international locations within the Gulf area — Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. The council is the biggest buying and selling bloc of India.
He additionally stated that to extend exports, India is organising BHARAT TEX EXPO 2024 right here from February 26-29 subsequent yr. A roadshow to draw home business for the present was organised by the AEPC on December 15 in Bengaluru. Naren Goenka, Chairman AEPC has given assurance to the model representatives and sourcing groups concerning the sustainability standing of Indian producers throughout all of the ESG (Environmental, Social, and Governance) parameters.
He said that the occasion will make sure the preparedness of India to the world in compliance, product focus, high quality, authorities and coverage help.
