India, Oman Seal Landmark Trade Pact
The announcement coincides with New Delhi’s ongoing negotiations for a trade agreement with the United States, its largest export destination. At the India-Oman Business Summit in Muscat, Prime Minister Narendra Modi declared, “Today, we are taking such a historic decision, the echo of which will be heard for many decades to come.”
He added, “Comprehensive Economic Partnership Agreement that is, CEPA, will give our partnership new confidence and new energy in the 21st century. This is a blueprint of our shared future. It will boost our trade… opening new doors to opportunities in every sector.”
The pact is expected to grant duty-free access to 98% of Indian exports, covering sectors such as textiles, agriculture, and leather goods. In return, India will lower tariffs on Omani products, including dates, marble, and petrochemicals.
Additionally, New Delhi secured tariff elimination for several labor-intensive industries, including gems and jewellery, textiles, agricultural and engineering products, and automobiles, according to a news agency.
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