India and Oman Forge Landmark Free Trade Agreement Opening New Economic Horizons

India and Oman signed a comprehensive free trade agreement, allowing duty-free access to 98% of India's exports, including textiles and leather goods. This pact, effective from the next fiscal, comes as a strategic business expansion in the Middle East, countering high tariffs in the U.S., and facilitating labor mobility.

India and Oman have entered into a significant free trade agreement, marking a new era in bilateral trade partnerships. The deal, inked in Muscat with Commerce and Industry Minister Piyush Goyal and his Omani counterpart, Qais bin Mohammed Al Yousef, ensures duty-free access for 98% of India's export categories, covering textiles, agriculture, and leather goods.

Oman reciprocates by providing zero-duty access on similar tariff lines for Indian products, with India offering tariff reductions on 77.79% of its lines for Omani imports. This move is strategic as India aims to counter a 50% tariff with the US by securing alternate trade routes in the Middle East.

Additionally, the agreement signifies enhanced mobility provisions for Indian professionals in Oman, fostering deeper professional exchanges. It is a pivotal element of India's strategy to cultivate robust trade relations with the GCC countries, demonstrating a forward-looking approach to economic diplomacy in the region.

(With inputs from agencies.)