India Oman Trade: India signs FTA with Oman, receives zero duty access on their exports

India Oman Trade: India is rapidly advancing its trade strategy. Now, India is going to sign a Free Trade Deal (FTA) with another country. Union Minister of Commerce and Industry Piyush Goyal said that India and Oman are going to sign a Free Trade Deal on Thursday, which will strengthen economic relations between the two countries and open up new opportunities in key sectors. It will be signed in the presence of Prime Minister Narendra Modi.

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India exports grains, ships, boats, electrical machinery, tea, and coffee, among other things, to Oman.

India signs FTA with Oman

Oman has been India's third-largest export destination among the Gulf Cooperation Council countries, and this deal will further strengthen the economic ties between the two countries. Goyal said that Oman has been signing Free Trade Agreements for almost 20 years. It signed a similar agreement with the US in 2006. The Free Trade Agreement will bring new opportunities for businesses, he said, adding that opportunities will increase in sectors such as footwear, textiles, jewelry, agriculture, vehicles and parts, and renewable energy.

Opening doors for many countries

The minister said that this deal is an entry gate to Africa and Central Asia. This step will increase the possibilities of trade with other countries as well. Trade between India and Oman is worth $10.5 billion. India imports more than $6 billion from Oman, while exports are $4 billion. Now, let's find out what India imports from Oman and what it exports to Oman.

What does India import from Oman?

India's main imports from Oman are petroleum and urea. These account for more than 70 percent of the total imports. In addition, India imports propylene, ethylene polymers, petroleum coke, gypsum, chemicals, iron and steel, and unwrought aluminum from Oman.

What does Oman import from India?

Oman also imports a large quantity of goods from India, worth approximately $4 billion. India exports mineral fuels, chemicals, precious metals, iron and steel, cereals, ships, boats, electrical machinery, boilers, tea, coffee, spices, textiles, and food products to Oman. Also Read: SpaceX is ready...the world's biggest IPO is coming, Elon Musk will become more richer