As soon as both parties come to a full free trade agreement, Oman will see a considerable increase in the import of USD 3.7 billion worth of Indian commodities, including machinery, iron and steel, fuel, and electronics, according to a report released on Tuesday.
The Global Trade Reproach Initiative (GTRI) think tank issued the paper “India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond,” which states that these commodities currently have a 5% import charge in Oman.
A comprehensive economic partnership agreement (CEPA) between Oman and India would allow the two nations to drastically lower or do away with customs taxes on the greatest amount of commodities that can be traded between them.
Oman is poised to enhance various export sectors, with notable boosts anticipated in the export values of motor gasoline (estimated at USD 1.7 billion), iron and steel products (valued at USD 235 million), electronics (amounting to USD 135 million), machinery (projected at USD 125 million), textiles (expected at USD 110 million), plastics (valued at USD 64 million), boneless meat (anticipated to reach USD 50 million), essential oils (estimated at USD 47 million), and motor cars (valued at USD 28 million)
Also Read:
Laughter Is A Powerful Tool For Happiness and Positivity – Anju Shahani
Delivering the Right Knowledge With BFF Gram: Monah Al Jneibi
