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Free trade: India and Oman discuss advancing the FTA negotiations pact

Free trade: India and Oman discuss advancing the FTA negotiations pact

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New Delhi: The trade ministers of India and Oman on Monday reviewed the progress of the proposed free trade agreement (FTA) between the two countries and focused on advancing the negotiations for the pact.

Union Commerce and Industry Minister Piyush Goyal discussed the related matters with Oman’s Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed AL Yousef, in Muscat, the media reported on Tuesday.

They “focused on advancing negotiations for the Comprehensive Economic Partnership Agreement (CEPA), strengthening trade and investment ties, and exploring avenues to further deepen our bilateral partnership,” Goyal said on X.

The negotiations, officially called CEPA, formally began in November 2023.

Their bilateral trade declined to USD 8.94 billion (exports worth USD 4.42 billion and imports of USD 4.5 billion) in 2023-24 from USD 12.39 billion (exports of USD 4.47 billion and imports of USD 7.91 billion) in 2022-23.

For India, Oman remains the third largest export destination among Gulf Cooperation (GCC) countries. India has signed a similar Pact with the UAE, which came into effect in May 2022.

India’s key imports are petroleum products and urea, accounting for over 70 percent of imports.

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