New Delhi [India], December 18 : Former Foreign Secretary and Rajya Sabha MP Harsh Vardhan Shringla on Thursday hailed the newly signed India-Oman Comprehensive Economic Partnership Agreement (CEPA) as a "very important deal", noting that the deal can open a broader comprehensive trade agreement with the entire Gulf Cooperation Council (GCC), similar to its approaches with the European Union, ASEAN, and EFTA countries.
Shringla acknowledged the significance of the deal with Oman, noting that it will create significant opportunities for Indian exporters and manufacturers and aligns with India's ongoing trade initiatives, including the recent agreement with the United Arab Emirates (UAE).
"I think it is a very important deal that will give our exporters and manufacturers a lot of opportunities. It is also in line with what we have already started with the UAE, and slowly, I think we should look at a comprehensive agreement with the GCC (Gulf Cooperation Council) as a whole. Like we are attempting with the European Union, we already have an FTA with ASEAN and with EFTA countries," he stated.
Shringla's comment comes after India and Oman signed the Comprehensive Economic Partnership Agreement today, marking a significant step toward a stronger economic partnership.
The agreement was signed by the Commerce and Industry Minister Piyush Goyal and Oman's Minister of Commerce, Industry & Investment Promotion Qais bin Mohammed Al Yousef, during PM Modi's two-day state visit to the country.
The CEPA marks an important milestone in India's engagement with the Gulf region and reflects the shared commitment to deepen bilateral economic integration.
This is the 2nd Free Trade Agreement signed in the last 6 months, following the United Kingdom, and is part of a strategy to sign trade agreements with developed economies that do not compete with our labour-intensive interests and provide opportunities for Indian businesses.
According to the Ministry of Commerce & Industry, the CEPA secures unprecedented tariff concessions for India from Oman. Oman has offered zero-duty access on 98.08 per cent of its tariff lines, covering 99.38 per cent of India's exports to Oman.
All major labour-intensive sectors, including Gems & Jewellery, Textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering products, pharmaceuticals, medical devices, and Automobiles, receive complete tariff elimination. Of the above, immediate tariff elimination is being offered for 97.96 per cent of Tariff Lines.
India is offering tariff liberalisation on 77.79 per cent of its total tariff lines, which covers 94.81 per cent of India's imports from Oman by value.
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