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India aims to sign trade deal with Oman this month

Free trade agreement negotiations between India and Oman are said to be on 'fast-track mode' Oman News Agency
Free trade agreement negotiations between India and Oman are said to be on 'fast-track mode'

India is planning to conclude a comprehensive free trade agreement (FTA) with Oman by the end of the month, according to a media report.

The negotiations are on a fast-track mode, with a team of officials from India’s commerce ministry holding talks in Muscat, Business Standard, an Indian financial daily, reported.

If the deal is finalised, Oman will be the second GCC member, after the UAE, to have signed an FTA with India.

India and the UAE signed a comprehensive economic partnership agreement in February 2022.

“The India-UAE agreement is expected to be replicated in the case of the trade pact with Oman,” the newspaper reported, citing an informed source.

Bilateral trade with Oman, which is India’s 29th largest trading partner, increased 42 percent from $3.15 billion in 2021-22 to $4.48 billion in 2022-23.

Petroleum products, mainly motor gasoline, accounted for nearly half of India’s exports to Oman in the last financial year.

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