India-Oman FTA signed: 99% of Indian exports to get duty-free access
India and Oman signed a free trade agreement on Thursday, which will grant duty-free access to 98% of Indian exports to the Sultanate, including textiles, agricultural products, and leather goods.
In return, India will reduce tariffs on Omani products such as dates, marble, and petrochemicals.
The agreement is expected to take effect in the first quarter of next year. The deal assumes significance as India faces steep 50% tariffs in its largest export market, the US.
The pact was signed in Muscat by Commerce and Industry Minister Piyush Goyal and Oman’s Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef, in the presence of Prime Minister Narendra Modi.
Oman has offered zero-duty access on over 98% of its tariff lines, covering 99.38% of India’s exports to the country.
The bilateral relations between the two nations have been going strong. Prime Minister Narendra Modi visited Oman in February 2018, and Sultan Haitham bin Tarik made a State visit to India in December 2023, giving new momentum to the ties.