Why is it in News?
- India and Oman signed a Comprehensive Economic Partnership Agreement, strengthening India’s trade diplomacy and economic footprint in the Gulf region.
- It is Oman’s first bilateral trade agreement since 2006 and India’s second CEPA in the GCC.
Important Points:
- Oman granted zero-duty access on 98.08% of tariff lines covering 99.38% of India’s exports by value
- India offered tariff liberalisation on 77.79% of tariff lines covering 94.81% of imports from Oman
- Immediate tariff elimination on nearly 98% of lines for Indian exporters
- Full tariff elimination for textiles, leather, gems & jewellery, engineering goods, pharmaceuticals, automobiles
- Liberalisation across 127 services sub-sectors including IT, education, health, R&D
- Mode 4 commitments enhanced professional mobility for Indian workers
- Allows 100% FDI by Indian companies in Oman’s services sector
- World’s first comprehensive commitment on Traditional Medicine (AYUSH)
- Addresses non-tariff barriers via GMP acceptance and Halal certification recognition