Muscat:
India and Oman will review the progress of talks for the proposed Free Trade Agreement (FTA) between the two countries during the visit of Commerce and Industry Minister Piyush Goyal this week. This information was given in an official statement on Sunday. Although negotiations for the proposed agreement have been completed, Oman has demanded amendment in its market access proposal on some products.
India and Oman held the fifth round of talks for the agreement on 14 January, which aims to promote bilateral economic relations. The conversation for the agreement, officially called the Clastic Economic Partnership Agreement (CEPA), formally began in November 2023.
In such agreements, two business partners either reduce or eliminate the customs duty on the maximum number of mutual trade. They also make norms easy to promote business in services and attract investment.
The Ministry of Commerce said, “The talks on the Indo-Oman CEPA which is in the final stage is expected to be even faster during this visit. Both sides are commercially important, balanced, justified, ambitious and mutually exploring conversations and possibilities on CEPA. ”
Goyal will also attend a meeting of the Joint Commission with Cass bin Mohammed bin Moses al-Yusuf, the Minister of Commerce, Industry and Investment Promotion of Oman on 27-28 January. A business delegation is also going to the meeting of the Joint Trade Council.
On this occasion, Goyal’s finance minister and ministerial committee chairperson for CEPA is also expected to meet Sultan Bin Salim Al Habi and Special Economic Sector and Open Areas (OPAs), Sheikh Ali bin Masood Al Sunidi, Chairman of the Public Authority for the Open Area (OPAs).
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