India and Oman agreed to expedite discussions for an early signing of the proposed bilateral trade deal between them, which is under advanced stages of negotiations.
These discussions were conducted between trade minister Piyush Goyal and his Omani counterpart Qais bin Mohammed Al Yousef during the 11th Session of the India-Oman Joint Commission Meeting (JCM).
During his visit to Oman from 27-28 January 2025, Goyal along with Qais undertook a detailed review of the bilateral trade and economic relations between the two nations, and exchanged views on the proposed India-Oman Comprehensive Economic Partnership Agreement (CEPA).
India and Oman started negotiations for a free trade agreement (FTA) between them from November 2023, reportedly concluded in March 2024. While, the deal was expected to be signed before general elections in India last year, a request for a review on certain aspects from Muscat delayed it.
The first round of negotiations took place in New Delhi on November 27-29, 2023, while the second was held in Muscat on December 9-14, 2023.
According to a report by the Global Trade Research Institute (GTRI), India's merchandise imports from Oman were $7.9 billion in 2022-23. Petroleum products ($4.6 billion) and urea ($1.2 billion) were the key purchases, accounting for 73 percent of total imports.
Other products include propylene and ethylene polymers ($383 million), pet coke ($265 million), gypsum ($115 million), and iron and steel ($62 million).
On the sidelines of the visit, both sides signed the Protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters, India's commerce ministry said in a statement on January 28.
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