Indian goods worth $3.7 billion to get significant boost in Oman once both sides reach FTA: GTRI report

13 Dec 2023 Evaluate

The - India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond - report, prepared by think tank Global trade Reproach Initiative (GTRI), has said that over 83.5 per cent of Indian goods worth $3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement (FTA). It said these goods at present face a 5 per cent import duty in Oman. India and Oman are negotiating a comprehensive economic partnership agreement (CEPA), under which the two countries could significantly reduce or eliminate customs duties on the maximum number of goods agreed between them.

According to the report, with the new trade agreement, these products, including major export items like motor gasoline (exports worth $1.7 billion), iron and steel products (exports worth $235 million), electronics ($135 million), machinery ($125 million), aluminium oxide ($126 million), textiles ($110 million), alumina calcined ($105 million), plastics ($64 million), boneless meat ($50 million), essential oils ($47 million), and motor cars ($28 million), will benefit from duty elimination. However, it added that about 16.5 per cent of Indian exports to Oman, worth $800 million and goods that already have duty-free access, will not see additional benefits from the agreement. These items include wheat ($45 million), basmati rice ($125 million), fruits, vegetables ($76 million), medicines ($76 million), fish ($13.7 million), tea, coffee ($17.7 million).

GTRI Co-Founder Ajay Srivastava said the duty elimination will aid most Indian exports, but significant growth in the Omani market, a small, middle-income economy with a $25,000 per capita income, will also depend on product quality improvements. He said that India can hope to radically increase its exports post the free trade agreement, as currently over 80 per cent of its goods enter Oman at average 5 per cent import duties, and there are not many trade barriers. He also said India could seek increased access to the Omani market for business services and computer and information services, which Oman regularly imports. India might also negotiate for priority visas for its professionals on short-term assignments in Oman. Oman has a weak services sector and may not press for much opening of Indian markets.

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