Days after India’s free commerce settlement (FTA) with the UAE entered into pressure, a 48-member delegation from Oman, led by its commerce, business & funding promotion minister, Qais bin Mohammed al Yousef, shall be in India from May 11 to 14 to carry talks.
The go to comes amid studies Oman has been eager on an FTA between India and the members of the Gulf Cooperation Council (GCC). Interestingly, the GCC group had dithered on whether or not to seal an FTA with India a decade in the past. However, talks for a attainable FTA gained traction after India and the UAE signed an FTA in February, which got here into pressure on May 1. The GCC contains Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
The Comprehensive Economic Partnership Agreement (CEPA) with the UAE is anticipated to function a template for the quick conclusion of any such cope with the GCC nations, based on sources. In reality, a few of these GCC nations need to signal a pact on the earliest, they added.
According to the CEPA, the UAE will permit as many as 99% of Indian items (in worth time period) at zero obligation in 5 years from about 90% within the first 12 months. Similarly, India would permit duty-free entry to 80% of products from the UAE now and it will go as much as 90% in ten years.
During the go to, senior officers from each the perimeters could be collaborating within the tenth Session of the India-Oman Joint Commission Meeting (JCM), to be held on Wednesday. This shall be co-chaired by commerce and business minister Piyush Goyal and his counterpart from Oman.
In a separate assertion, the commerce ministry mentioned one other delegation, led by Abdulla Bin Touq Al Marri, the UAE’s minister of economic system, can be on a go to to India from Wednesday. During the journey, the delegation would meet Goyal to debate bilateral commerce and funding relations.India-Oman commerce grew 82% on 12 months in FY22 to hit $ 9.94 billion.
The visiting delegation from Oman contains senior authorities officers and enterprise representatives from various areas spanning well being, prescription drugs, mining, tourism, telecommunication, power, transport and actual property, based on an official assertion right here.
“The visit provides an excellent opportunity to renew and further strengthen the already close and dynamic economic ties between the two countries,” the ministry mentioned within the assertion.
Source: www.financialexpress.com”