India and Oman will likely sign a free trade agreement in early 2024.
This free trade agreement will benefit export sectors such as motor gasoline, iron and steel products, electronics, machinery, etc.
Currently, these goods face a 5% import duty in Oman.
Oman’s import duty ranges from 0 to 100%. A duty of 100% is on specific items such as meats, wines, and tobacco products.
Both sides have concluded the negotiations on most of the issues.
India has the potential to export products like light oils and preparations of petroleum and bituminous minerals, medicaments, parts and accessories for motor vehicles, etc. to Oman.
Oman is India’s third-largest export destination among the Gulf Cooperation Council (GCC) countries.
India has already signed similar agreements between India and other GCC countries like UAE.
India’s merchandise imports from Oman are around USD 250 million.
