India’s Commerce Minister Piyush Goyal announced that the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is expected to be operational within three months.
This agreement, signed during Prime Minister Narendra Modi’s visit to Muscat, grants zero-duty access on over 98% of Oman’s tariff lines for Indian labor-intensive exports, covering sectors such as textiles, pharmaceuticals, and automobiles.
In return, India will liberalize tariffs on 77.79% of its lines, mostly through tariff-rate quotas for sensitive products like dairy and jewelry. The CEPA aims to enhance trade in the services sector as well, where India’s share of Oman’s global services imports is 5.31%.
New commitments include expanded opportunities for Indian service providers and a framework for increased mobility of Indian professionals, allowing significant quotas for intra-corporate transferees and extended stay durations for skilled workers.
This agreement is designed to boost trade and job creation by promoting deeper economic ties between the two countries.
Source – sarkaritel.com
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