India, Oman trade deal to unlock many opportunities

New Delhi: In a significant development, India has concluded Comprehensive Economic Partnership Agreement with Oman during Prime Minister Narendra Modi’s visit to the gulf nation, which concluded yesterday.

This trade deal with Oman is India’s second trade pact in the West Asian region after the one with UAE, which was signed in 2022. In the past five years, India has signed six trade deals with different countries including Australia, UK and Mauritius

Securing new markets for its exports is crucial for India Amid increasing trade US tariff restrictions and the European Union on account of the carbon tax .Because of these stringent standa rds, the cost of compliance for exporters goes very high, and these often acts as a non-tariff barrier (NTB).

The trade deal with Oman will “strengthen and further develop closer economic and commercial integration, Increase trade between the two countries by reducing trade barriers and creating a stable framework, ” the Ministry of External Affairs said.

It will also unlock opportunities in all major sectors of the economy, enhance economic growth, create jobs and boost investment flows between both countries.

Other outcome of the Prime Minister’s visit include MoU in the field of Higher Education which will
facilitate exchange of faculty, researchers and scholars, while undertaking joint research, particularly applied research, in areas of mutual interest for generating new knowledge and innovative practices required for advancing human and socio-economic development goals.

The two countries have also agreed to a Executive Programme for cooperation in millet cultivation and agri – food innovation, It will establish framework cooperation in India’s scientific expertise and Oman’s favourable agro-climatic conditions to advance millet production, research, and promotion.

They haave also Adopted Joint Vision Document on Maritime Cooperation under which they will strengthen cooperation in the field of regional maritime security, blue economy, and sustainable use of ocean resources.

–India News Stream