India is mulling import duty concessions on certain petroleum products and plastic items as part of the proposed Foreign Trade Agreement (FTA) with Oman, talks for which are likely to close by the end of January, 2024, an Indian official said.
“India may offer some tariff cuts on certain petroleum products, as well as items such as plastics. These are some of the important items for which Oman would want concessions,” the official, who spoke on the condition of anonymity, said.
With talks on the India-Oman Comprehensive Economic Partnership Agreement (CEPA) largely concluded, authorities are expected to sign a deal before the general elections scheduled for April-May 2024, Moneycontrol had reported on December 29, 2023.
The first round of negotiations took place in New Delhi on November 27-29, 2023, while the second was held in Muscat on December 9-14, 2023.
According to a report by the Global Trade Research Institute (GTRI) on December 12, 2023, India’s merchandise imports from Oman were $7.9 billion in 2022-23. Petroleum products ($4.6 billion) and urea ($1.2 billion) were the key purchases, accounting for 73 percent of total imports.