The free trade agreement signed between India and Oman on December 18 may come into effect soon. Commerce and Industry Minister Piyush Goyal said on Friday that both the countries are trying to make this agreement operational in the next three months. According to him, this step will open new avenues of trade and investment between the two countries.
under this agreement oman Has given great relief to India. Oman has agreed to provide zero duty facility on 98 percent of its product categories. This means that there will be no import duty on about 99.38 percent of India’s exports. At present, duty on these products ranges from 5 to 100 percent, so this change is considered a big relief for Indian exporters.
These sectors will benefit from trade deal
This duty free facility will provide special benefits to labor intensive sectors like gems and jewellery, textile, leather, footwear, plastics, furniture, sports goods, agricultural products, engineering and pharma. This will not only increase India’s exports but can also increase employment opportunities in these sectors. At the same time, India will also give relief in duty on about 78 percent product categories coming from Oman. This covers about 95 percent of the import value coming from Oman. This will make trade between the two countries more balanced.
Goyal said that in terms of investment, sectors like steel, energy, education and health care will bring big opportunities for Indian companies in Oman. He said that there is a lot of potential in areas like green steel, green hydrogen and green ammonia. He also said that Oman has large land banks, which will make it easy to set up joint investment projects there. There are also investment possibilities in marble processing, battery manufacturing, health and education.
Oman company shows interest in Amul
Interestingly, Omani companies are also eager to cooperate with India. An Omani dairy company has shown interest in a joint venture with Amul. Apart from this, Goyal has invited Omani companies and its sovereign wealth fund to invest in India. Experts believe that this trade deal can have a positive impact on India’s exports and employment and the trade relations between the two countries will become stronger.
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